EUR/USD unable to break 1.2170, approaches daily lows


  • US dollar trims losses as Powell testifies, no surprises.
  • EUR/USD in negative territory supported above 1.2130.

The EUR/USD pair bonce to 1.2166, after the first comments from Fed’s Powell and then pulled back to the 1.2150 area. It is falling modestly for the day after hitting earlier on Tuesday at 1.2180, the highest level in four weeks.

The greenback weakened after Powell’s initial testimony and then recovered. The Fed Chair did not offer surprises, and repeated monetary policy will remain accommodative. He is answering questions from lawmakers.

In Wall Street, stocks recovered but now seem to be softening again. The Dow Jones is falling by 0.55% and the Nasdaq 2.18%. US yields dropped from 1.38% to 1.34%, favoring a rebound in metals.

Markets are moving without a clear trend, while risk aversion appears to be gaining momentum. If market sentiment deteriorates, the greenback could benefit further.

Down for the day, still above key level

The positive momentum for the euro eased on Tuesday, but EUR/USD still remains above 1.2130 and, more important, 1.2110. A slide below 1.2110 would point to further losses. The next strong support stands at 1.2080.

On the upside, a recovery back above 1.2160 should clear the way to more gains and a possible test of the recent high of 1.2180.

Technical levels

 

EUR/USD

Overview
Today last price 1.2158
Today Daily Change 0.0006
Today Daily Change % 0.05
Today daily open 1.2152
 
Trends
Daily SMA20 1.2093
Daily SMA50 1.2155
Daily SMA100 1.2011
Daily SMA200 1.1772
 
Levels
Previous Daily High 1.2169
Previous Daily Low 1.2091
Previous Weekly High 1.217
Previous Weekly Low 1.2023
Previous Monthly High 1.235
Previous Monthly Low 1.2054
Daily Fibonacci 38.2% 1.214
Daily Fibonacci 61.8% 1.2121
Daily Pivot Point S1 1.2105
Daily Pivot Point S2 1.2059
Daily Pivot Point S3 1.2027
Daily Pivot Point R1 1.2184
Daily Pivot Point R2 1.2216
Daily Pivot Point R3 1.2262

 

 

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