EUR/USD rises to test 1.1650 amid a weaker dollar

US dollar tumbles across the board amid risk appetite.
Euro turns positive versus the dollar and negative against the pound.

Matías Salord FXStreet

The EUR/USD is rising modestly on Wednesday after making a rebound from 1.1615. During the American session, the pair climbed to 1.1651, slightly below the daily highs. The euro remains unable to break the 1.1650 barrier.

DXY drops as EUR/USD rebounds

The EUR/USD erased daily losses amid a decline of the greenback across the board. A risk-on mood across financial markets weighs on the dollar. The DXY is falling by 0.15% even as US yields hold around monthly highs.

On Wall Street stocks are rising. The Dow Jones gains 0.35% and the Nasdaq 0.08%. Crude oil prices are up, with WTI rising 0.60%. Gold gains more than 10$. Positive corporate results contribute to optimism. Later on Wednesday, the Federal Reserve will release the Beige Book.

From a technical perspective, the recovery of EUR/USD remains capped by the 1.1650 area. A break higher should clear the way to more gains, exposing Monday’s high of 1.1669. On the flip side, 1.1615 is the daily low, a support area and also the 20-day moving average. A daily close clearly below should weaken the euro.

Technical levels

EUR/USD

Overview
Today last price	1.1646
Today Daily Change	0.0012
Today Daily Change %	0.10
Today daily open	1.1634

Trends
Daily SMA20	1.1616
Daily SMA50	1.1714
Daily SMA100	1.1812
Daily SMA200	1.1926

Levels
Previous Daily High	1.167
Previous Daily Low	1.1608
Previous Weekly High	1.1624
Previous Weekly Low	1.1524
Previous Monthly High	1.1909
Previous Monthly Low	1.1563
Daily Fibonacci 38.2%	1.1646
Daily Fibonacci 61.8%	1.1632
Daily Pivot Point S1	1.1605
Daily Pivot Point S2	1.1576
Daily Pivot Point S3	1.1544
Daily Pivot Point R1	1.1666
Daily Pivot Point R2	1.1698
Daily Pivot Point R3	1.1727

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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