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

EUR/USD

Overview
Today last price 1.1892
Today Daily Change 0.0054
Today Daily Change % 0.46
Today daily open 1.1838
 
Trends
Daily SMA20 1.179
Daily SMA50 1.1775
Daily SMA100 1.1744
Daily SMA200 1.1383
 
Levels
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

 

 

 

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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD: Bears hold the grip, critical challenge at 1.2000

The greenback firmed up at the end of the week, closing it with substantial gains against most major rivals. Renewed coronavirus concerns and poor macroeconomic data spurred risk-off. EUR/USD is firmly bearish.

EUR/USD News

GBP/USD: Further restrictions in the UK may hit the pound

The GBP/USD pair trimmed most of its weekly gains on Friday and settled in the 1.3580 price zone, amid risk-off fueling dollar’s demand. UK GDP contracted by less than anticipated in November, Industrial Production plunged.

GBP/USD News

Gold: Further decline toward $1,800 remains on the cards

Gold failed to stage a convincing rebound this week. After losing more than 2% in the previous week, the XAU/USD pair extended its slide on Monday and touched its lowest level since early December at $1,817. 

Gold news

Darkest fefore dawn

The upcoming economic news is likely to be dreadful, and if it is not dreadful, it will be mostly ignored. This includes the release of the preliminary January PMI figures at the end of the week. Japan is extending its national emergency to another five prefectures, which collectively account for over half of the nation's GDP.

Read more

DXY breaks above key downtrend, eyes move above 91.00

USD has been strongly supported on what has shaped up to be a very much risk off final trading day of the week. Most G10/USD pairs have seen significant weakness, aside from CHF/USD and JPY/USD, given that the two currencies are also considered “safe havens”.

US Dollar Index News

Forex MAJORS

Cryptocurrencies

Signatures