• Sharp decline in UoM Consumer Sentiment triggers USD sell-off.
  • EUR/USD testing 1.1800, heads for weekly gains.
  • US dollar about to end week under pressure, US yields fall sharply.

The EUR/USD rose further and printed a fresh weekly high at 1.1800. The pair is hovering around the highs, with the bullish tone in place, as the US dollar remains under pressure across the board.

The greenback was falling on Friday, and after the University of Michigan Consumer Sentiment report, it accelerated to the downside. The index tumbled unexpectedly to 70.2, the lowest level since 2011. US bond yields tumbled, and the DXY dropped toward 92.50.

The EUR/USD is rising 70 pips on Friday, the best performance in months. The euro is also higher versus the pound, but it pulled back against the Swiss franc.

Technical outlook

Technical readings in the daily chart show that sellers retain control, according to Valeria Bednarik, Chief Analyst at FXStreet. “A bearish 20 SMA provides dynamic resistance at around 1.1800 while developing well below the longer ones, which lack directional strength. Meanwhile, the Momentum indicator stands pat below its midline, while the RSI recovers from oversold readings, currently around 45.”

Bednarik warns that a break below the 1.1700 level should trigger a downward extension toward the 1.1600/40 area, “while further declines should expose the 1.1520 level.” On the upside, she mentions that above 1.1800, the next resistance levels come at 1.1840 and 1.1920, with approaches to the latter probably attracting selling interest.

Technical levels

EUR/USD

Overview
Today last price 1.1797
Today Daily Change 0.0067
Today Daily Change % 0.57
Today daily open 1.173
 
Trends
Daily SMA20 1.1802
Daily SMA50 1.1891
Daily SMA100 1.1962
Daily SMA200 1.2011
 
Levels
Previous Daily High 1.1748
Previous Daily Low 1.1724
Previous Weekly High 1.19
Previous Weekly Low 1.1755
Previous Monthly High 1.1909
Previous Monthly Low 1.1752
Daily Fibonacci 38.2% 1.1733
Daily Fibonacci 61.8% 1.1739
Daily Pivot Point S1 1.172
Daily Pivot Point S2 1.1709
Daily Pivot Point S3 1.1695
Daily Pivot Point R1 1.1744
Daily Pivot Point R2 1.1759
Daily Pivot Point R3 1.1769

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD climbs above 1.0600 amid renewed dollar weakness

EUR/USD climbs above 1.0600 amid renewed dollar weakness

EUR/USD has gathered bullish momentum and advanced beyond 1.0600 during the American trading hours on Monday. Following the mixed data releases, the US Dollar Index extended its slide below 104.00 and fueled the pair's rally in the second half of the day.

EUR/USD News

GBP/USD reverses direction, reclaims 1.2300

GBP/USD reverses direction, reclaims 1.2300

Following a dip below 1.2250 earlier in the day, GBP/USD reversed its course and reclaimed 1.2300. The broad-based selling pressure surrounding the greenback helps the pair push higher in the American session as investors assess the latest data releases.

GBP/USD News

Gold bears gearing up for a breakout

Gold bears gearing up for a breakout

XAUUSD is slowly gaining bearish traction, with sellers now aligned at lower levels. Gold advanced throughout the first half of the day, but trimmed gains and trades near a daily low of $1,820.63, as the dollar gathered momentum ahead of the US opening. 

Gold News

Everything you need to know about Shiba Inu’s Ryoshi Vision rewards before June 29

Everything you need to know about Shiba Inu’s Ryoshi Vision rewards before June 29

ShibaSwap, the native decentralized exchange of the Shiba Inu coin project, announced the distribution of Ryoshi Vision rewards within the next 48 to72 hours from June 26, 2022.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures