EUR/USD stretches higher to test day highs at 1.1895

  • EUR/USD bounces up at 1.1840 to approach 1.1900 resistance area.
  • The euro appreciates against a weaker USD amid higher appetite for risk.
  • Euro rallies to 1.1900 are good selling opportunities – Rabobank.

The euro is pushing higher on the late US session on Tuesday to retest session high at 1.1895 which, so far, remains intact. The pair has bounced up from intra-day support at 1.1840 and is nearing resistance area in the vicinity of 1.1900  

Euro advances against a weaker USD

The positive market sentiment generated after the pharmaceutical giant AstraZeneca released the promising result of its COVID-19 vaccine on Monday has extended into Tuesday’s trading. The safe-haven dollar has been weighed by the upbeat market sentiment that has reflected into solid advances on the main equity indexes.

In the US, President Trump has finally accepted a formal transition in the US and Joe Biden has announced the appointment of former Fed chair, Janet Yellen, as the next Treasury Secretary, which has been welcomed by the market and has contributed to sustaining the positive mood.    

On the macroeconomic front, Eurozone figures have beaten expectations. The German IFO business climate survey and third quarter’s GDP have shown better than expected readings. US data, on the other hand, has been mixed, with the good news on housing prices offset by the downbeat consumer confidence.

EUR/USD: rallies to 1.1900 seen as good selling opportunities – Rabobank

From a wider perspective, the Rabobank FX Analysis Team sees the euro unlikely to breach 1.20 and contemplates rallies to 1.1900 as good selling opportunities: “The repeated failure of the currency pair to move above the 1.19 level comes at a time when fundamentals factors may also be putting some hurdles in front of the EUR (…) We would favour selling any further rallies towards EUR/USD1.19 in the near-term.” 

Technical levels to watch


Today last price 1.1892
Today Daily Change 0.0054
Today Daily Change % 0.46
Today daily open 1.1838
Daily SMA20 1.179
Daily SMA50 1.1775
Daily SMA100 1.1744
Daily SMA200 1.1383
Previous Daily High 1.1906
Previous Daily Low 1.18
Previous Weekly High 1.1894
Previous Weekly Low 1.1814
Previous Monthly High 1.1881
Previous Monthly Low 1.164
Daily Fibonacci 38.2% 1.184
Daily Fibonacci 61.8% 1.1865
Daily Pivot Point S1 1.179
Daily Pivot Point S2 1.1742
Daily Pivot Point S3 1.1684
Daily Pivot Point R1 1.1896
Daily Pivot Point R2 1.1954
Daily Pivot Point R3 1.2002




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