EUR/USD trims gains and drops to 1.1230 as DXY rebounds


  • Euro loses momentum as DXY turns positive for the day.
  • Wall Street recovers further while dollar accelerates to the upside.

The EUR/USD pair pulled back more than fifty pips from the daily top. As of writing, it is hovering around 1.1230/35, modestly higher for the day, and far from the five-day high, it reached earlier at 1.1287.

A stronger US dollar across the board pushed EUR/USD back to the downside. The DXY erased losses and rose again to the 97.50 as equity prices in Wall Street rose further, recovering from Friday’s slide. The Dow Jones is up almost 2% and the Nasdaq 1.05%.

Economic data from the US came in above expectations. Pending Home Sales jumped 44.3% in May while the Dallas Fed Manufacturing Index climbed to -6.1, against a reading of -59 of market consensus.

Short-term technical outlook

The EUR/USD is moving with an intraday bearish bias. The immediate support is seen at 1.1230. A break lower would expose the daily low at 1.1215. On the upside, the critical level is seen around 1.1250, the 20-hour moving average. If the euro rises above, it would gain momentum. The next resistance stands at 1.1275.

EUR/USD

Overview
Today last price 1.1236
Today Daily Change 0.0018
Today Daily Change % 0.16
Today daily open 1.1218
 
Trends
Daily SMA20 1.126
Daily SMA50 1.1037
Daily SMA100 1.0999
Daily SMA200 1.1035
 
Levels
Previous Daily High 1.1239
Previous Daily Low 1.1195
Previous Weekly High 1.1348
Previous Weekly Low 1.1169
Previous Monthly High 1.1145
Previous Monthly Low 1.0767
Daily Fibonacci 38.2% 1.1223
Daily Fibonacci 61.8% 1.1212
Daily Pivot Point S1 1.1196
Daily Pivot Point S2 1.1173
Daily Pivot Point S3 1.1152
Daily Pivot Point R1 1.124
Daily Pivot Point R2 1.1262
Daily Pivot Point R3 1.1284

 

 

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