EUR/USD: Upside appears capped by 100-DMA, focus on EUR/GBP

Broad USD weakness amid Fed pause risks continues to support EUR/USD.
USD dynamics, EUR/GBP flows to remain the key drivers ahead of US data, Brexit vote and Fed.

Dhwani Mehta FXStreet

The EUR/USD pair extends its bullish consolidation phase above the 1.14 handle into early European trading, trapped between the 20-DMA support at 1.1419 and 100-DMA upside barrier at 1.1445.

The spot continues to remain underpinned by ongoing bearish momentum seen around the US dollar across its main competitors, as markets have already priced-in a dovish FOMC statement, hinting towards a pause in the Fed’s policy normalization amid dwindling US economic outlook.

On the EUR-side of the equation, the EUR bulls were unfazed by the ECB Chief Draghi’s reiteration that the balance of risk to economic outlook moves to downside, as the US dollar dynamics continue to remain the exclusive driver so far this week.

Looking ahead, the pair is likely to get influenced by the sentiment around the greenback while the EUR/GBP flows will also have a major impact on the common currency heading into the UK Parliamentary vote on Brexit Plan B later on around 1900 GMT.

EUR/USD Technical Levels

EUR/USD

Overview:
    Today Last Price: 1.1432
    Today Daily change: 4 pips
    Today Daily change %: 0.04%
    Today Daily Open: 1.1428
Trends:
    Daily SMA20: 1.1417
    Daily SMA50: 1.139
    Daily SMA100: 1.1449
    Daily SMA200: 1.1575
Levels:
    Previous Daily High: 1.1446
    Previous Daily Low: 1.139
    Previous Weekly High: 1.1418
    Previous Weekly Low: 1.1289
    Previous Monthly High: 1.1486
    Previous Monthly Low: 1.1269
    Daily Fibonacci 38.2%: 1.1424
    Daily Fibonacci 61.8%: 1.1411
    Daily Pivot Point S1: 1.1397
    Daily Pivot Point S2: 1.1366
    Daily Pivot Point S3: 1.1342
    Daily Pivot Point R1: 1.1452
    Daily Pivot Point R2: 1.1477
    Daily Pivot Point R3: 1.1508

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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