EUR/USD to test the 1.1915 resistance on dollar’s weakness

EUR/USD is up at the beginning of the week, as the greenback remains out of the market’s favor. The pair is currently trading near the daily high at 1.1887 high, as it approaches the 1.1900 threshold, FXStreet’s Chief Analyst Valeria Bednarik reports.

Key quotes

“The market’s mood is positive, although there are no fireworks. Equities are marginally higher in Asia and Europe, finding support in news that Oxford and AstraZeneca resumed testing their coronavirus vaccine.”

“The EU published July Industrial Production, which was up 4.1% in the month, beating expectations. When compared to a year earlier, it rose 8.7% better than the 8% expected. The US won’t publish relevant data today.”

“EUR/USD is trading around the 50% retracement of its September decline, and biased higher in the short-term. The 4-hour chart shows that the pair is extending its advance above all of its moving averages, while technical indicators advance within positive levels. The next Fibonacci resistance level comes at 1.1915, where sellers surged last week. Beyond the level, the pair has higher chances of retesting the year high at 1.2011.”

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