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EUR/USD again faces rejection above 1.1440, EU stalemate weighs

EUR/USD again faces rejection above 1.1440, EU stalemate weighs

  • EUR/USD fails to keep gains above 1.1440 for the fourth straight day. 
  • After three days of negotiations, the EU has failed to strike a stimulus deal. 
  • The grants figure has been pushed higher to EUR 390 billion. 
  • France and Southern European nations demand EUR 400 billion. 

EUR/USD is trading largely unchanged on the day near 1.1419, having faced rejection above 1.1440 during the Asian trading hours. The pair has repeatedly failed to establish a strong foothold above 1.1440 since Wednesday. 

EU stalemate weighs

The European Union (EU) leaders remain deadlocked on Monday after three days of haggling over a recovery fund to revive the European economies hit by the coronavirus pandemic. The stalemate coupled with a 0.30% decline in the US stock futures at press time is likely weighing over the common currency. 

‘An FT reporter tweeted about 30 minutes ago that the EUR 375 billion grants figure, which leaders are haggling over, has now been pushed to EUR 390 billion. The news put a mild bid under the EUR/USD, lifting it higher from 1.1415 to 1.1425. The minor pop, however, was short-lived, as the grants number is still below EUR 400 billion demanded by the French and southern European nations. 

As per the latest reports, the EU meeting has ended and will reconvene Monday at 14:00 GMT. Leaders have been told by Charles Michel, President of the European Council, that a new basis for an agreement is €390bn in grants. The EUR may have another go at the resistance above 1.1440 if the grants figure is pushed higher to EUR 400 billion, although gains would be short-lived if the deal remains elusive. 

Apart from the newsflow from the EU meeting, the pair may take cues from the German Producer Price Index, Eurozone Current Account, and German Buba Monthly Report. 

Technical levels

EUR/USD

Overview
Today last price 1.1419
Today Daily Change -0.0009
Today Daily Change % -0.08
Today daily open 1.1428
 
Trends
Daily SMA20 1.1297
Daily SMA50 1.1174
Daily SMA100 1.1065
Daily SMA200 1.1061
 
Levels
Previous Daily High 1.1444
Previous Daily Low 1.1377
Previous Weekly High 1.1452
Previous Weekly Low 1.13
Previous Monthly High 1.1422
Previous Monthly Low 1.1097
Daily Fibonacci 38.2% 1.1418
Daily Fibonacci 61.8% 1.1403
Daily Pivot Point S1 1.1389
Daily Pivot Point S2 1.135
Daily Pivot Point S3 1.1322
Daily Pivot Point R1 1.1456
Daily Pivot Point R2 1.1483
Daily Pivot Point R3 1.1522

 

 

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