EUR/USD steady above 1.2150, looking at monthly highs

US dollar remains under pressure as US yields decline and equity prices rise.
EUR/USD back above 1.2150 holds onto recent gains.

Matías Salord FXStreet

The EUR/USD reached at 1.2178, a fresh two-month high, and then pulled back finding support above 1.2150. It is hovering around 1.2160, holding onto the recent important gains.

A weaker US dollar continues to be the key support of the EUR/USD. The DXY is down 0.16%, trading slightly above 90.00. The 10-year yield is around 1.57% after hitting earlier on Monday levels above 1.60% momentarily. Stocks in Wall Street are mixed. The Dow Jones gains 0.78% while the Nasdaq drops 1.20%.

The mixed tone around risk sentiment contributed to limit the rally of the EUR/USD. A break above 1.2170 would target the 1.2190 area that protects 1.2200. On the downside, immediate support stands at 1.2150 followed by 1.2135 (daily low).

The euro is modestly higher on Monday versus the US dollar, up 150 pips from the level it had a week ago. The short-term trend points to the upside. “Now that EURUSD has “caught up” we, think it may struggle to break higher to a new trading range without fresh catalysts. We also note that spot has realigned with real rate differentials since late last year as FX markets focus more on expected differentials in growth potential”, explained TD Securities analysis in their monthly report.

Technical levels

EUR/USD

Overview
Today last price	1.2167
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	1.2167

Trends
Daily SMA20	1.2039
Daily SMA50	1.1948
Daily SMA100	1.2048
Daily SMA200	1.195

Levels
Previous Daily High	1.2172
Previous Daily Low	1.2053
Previous Weekly High	1.2172
Previous Weekly Low	1.1986
Previous Monthly High	1.215
Previous Monthly Low	1.1713
Daily Fibonacci 38.2%	1.2126
Daily Fibonacci 61.8%	1.2098
Daily Pivot Point S1	1.209
Daily Pivot Point S2	1.2012
Daily Pivot Point S3	1.1971
Daily Pivot Point R1	1.2208
Daily Pivot Point R2	1.2249
Daily Pivot Point R3	1.2327

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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