EUR/USD sticks to intraday gains comfortably above 1.1300 handle, closer to weekly tops

   •  The USD continues to be weighed down the ongoing slide in the US bond yields.
   •  Bond yields fall to over two-month lows after disappointing US economic data.
   •  Bulls now await a sustained move beyond weekly highs near the 1.1340 region.

The USD remained on the defensive through the early European session and helped the EUR/USD pair to stick to its intraday gains near session tops, around the 1.1330-35 region.

After yesterday's modest pull-back, the pair regained positive traction on the last trading day of the week and was being supported by some renewed US Dollar selling bias amid a fresh leg of a sharp downfall in the US government bond yields. 

In fact, the US Treasury bond yields tumbled to over two-month lows following the disappointing release of Empire State manufacturing index and industrial production/capacity utilization data and negatively affected the buck. 

The pair, so far, has managed to hold in the positive territory, marking its fifth day of up-move in the previous six, albeit it remains to be seen if bulls manage to make it through a hurdle marked by weekly tops, around the 1.1340 region. 

Hence, it would be prudent to wait for a sustained move beyond the mentioned barrier before positioning for any further near-term positive momentum. Nevertheless, the pair remains on track to register strong weekly gains and end on a positive note. 

Today's US economic docket also features the release of Prelim UoM Consumer Sentiment, which will be looked upon for some fresh impetus for the pair's momentum during the US trading session.

Technical levels to watch

EUR/USD

Overview:
    Today Last Price: 1.1326
    Today Daily change: 22 pips
    Today Daily change %: 0.19%
    Today Daily Open: 1.1304
Trends:
    Daily SMA20: 1.1318
    Daily SMA50: 1.1367
    Daily SMA100: 1.137
    Daily SMA200: 1.149
Levels:
    Previous Daily High: 1.1342
    Previous Daily Low: 1.1294
    Previous Weekly High: 1.1388
    Previous Weekly Low: 1.1176
    Previous Monthly High: 1.1489
    Previous Monthly Low: 1.1234
    Daily Fibonacci 38.2%: 1.1313
    Daily Fibonacci 61.8%: 1.1324
    Daily Pivot Point S1: 1.1284
    Daily Pivot Point S2: 1.1265
    Daily Pivot Point S3: 1.1236
    Daily Pivot Point R1: 1.1333
    Daily Pivot Point R2: 1.1362
    Daily Pivot Point R3: 1.1381

 

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.

Feed news

Editors’ Picks

EUR/USD resumes decline on gloomy mood, weak data

EUR/USD is trading below 1.1300, after German Manufacturing, PMI tumbled down, the US yield curve inverted, and stock markets are tumbling all over the world.

EUR/USD News

GBP/USD trades near 1.3200 as markets shrug off hard-Brexit concerns

GBP/USD is trading around 1.3200 as fears of a hard-Brexit make way for hopes for a long extension. UK PM May has until April 12th to pass the deal in Parliament, something that seems unlikely. 

GBP/USD News

USD/JPY plummets alongside Wall Street, inverted yields' curve adds pressure

The US Treasury yield curve inverted for the first time in over a decade amid renewed fears of a global economic downturn following the release of European PMI earlier today.

USD/JPY News

Crypto News

majors

Editors’ Picks

EUR/USD resumes decline on gloomy mood, weak data

EUR/USD is trading below 1.1300, after German Manufacturing, PMI tumbled down, the US yield curve inverted, and stock markets are tumbling all over the world.

EUR/USD News

GBP/USD trades near 1.3200 as markets shrug off hard-Brexit concerns

GBP/USD is trading around 1.3200 as fears of a hard-Brexit make way for hopes for a long extension. UK PM May has until April 12th to pass the deal in Parliament, something that seems unlikely. 

GBP/USD News

USD/JPY plummets alongside Wall Street, inverted yields' curve adds pressure

The US Treasury yield curve inverted for the first time in over a decade amid renewed fears of a global economic downturn following the release of European PMI earlier today.

USD/JPY News

US and European PMI data sends Dollar in two directions

Concerns about the direction of the global economy roiled the dollar as the business outlook in the United States faded and Europe's tilted towards recession. 

Read full report

What currencies to buy on a US recession after the yield curve inversion?

Bond markets tend to give signals for the future. In the past, when the 3-month US Treasury yield became higher than the benchmark 10-year yield, it was an initial sign of a recession.

Read full report

signatures


  •  
  •  
  •  
  •  
  •