EUR/USD turns positive on the day above 1.1670 amid modest USD weakness

EUR/USD staged a rebound after dropping to fresh two-month lows.
US Dollar Index pared daily gains in late American session.
Recovery witnessed in US stocks seems to be weighing on USD.

Eren Sengezer FXStreet

The EUR/USD pair slumped to its lowest level in two months at 1.1626 on Thursday but reversed its direction in the late American session. As of writing, the pair was up 0.13% on a daily basis at 1.1674.

DXY loses traction on Wall Street rebound

Earlier in the day, the broad-based USD strength continued to weigh on EUR/USD amid a lack of significant macroeconomic data releases from the euro area. The US Dollar Index (DXY), which tracks the greenback's performance against a basket of six major currencies, rose to its highest level since late July at 94.59 in the second half of the day.

However, a decisive rebound witnessed in Wall Street's main indexes caused the USD to lose interest as a safe-haven and allowed EUR/USD to retrace its fall. At the moment, the S&P 500 Index is up 1.23% on the day and the DXY is posting small daily losses near 94.30.

Meanwhile, the data from the US showed on Thursday that weekly Initial Jobless Claims increased by 4,000 to 870,000 in the week ending September 19th and New Home Sales rose by 4.8% in August to beat the market expectation for a decline of 1%. Nevertheless, these figures had little to no impact on EUR/USD's movements.

There won't be any macroeconomic data releases featured in the European docket on Friday. Later in the day, the US Census Bureau will release the Durable Goods Orders data

Technical levels to watch for

EUR/USD

Overview
Today last price	1.1676
Today Daily Change	0.0016
Today Daily Change %	0.14
Today daily open	1.166

Trends
Daily SMA20	1.1827
Daily SMA50	1.1776
Daily SMA100	1.1464
Daily SMA200	1.1231

Levels
Previous Daily High	1.1719
Previous Daily Low	1.1651
Previous Weekly High	1.1901
Previous Weekly Low	1.1738
Previous Monthly High	1.1966
Previous Monthly Low	1.1696
Daily Fibonacci 38.2%	1.1677
Daily Fibonacci 61.8%	1.1693
Daily Pivot Point S1	1.1635
Daily Pivot Point S2	1.1609
Daily Pivot Point S3	1.1567
Daily Pivot Point R1	1.1702
Daily Pivot Point R2	1.1744
Daily Pivot Point R3	1.177

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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