EUR/USD Current price: 1.1223
- Dollar strengthens as market mood improves, EUR/USD nearing yearly low.
- EU Consumer Confidence expected to bounce modestly in April.
The EUR/USD pair continued trading lifeless around 1.1250 at the beginning of the day, having peaked at 1.1260 during the European morning, as local equities kick-started the week with a soft tone. The pair, however, retreated from the mentioned high as market mood improved, helped by the PBoC, which said that better-than-expected Q1 data implies less urgency for RRR cuts. The dollar heads into the US opening with a strong tone, appreciating against most major rivals and with the EUR/USD pair at daily lows in the 1.1220 price zone.
So far today, no data were release although the US will shortly unveil March New Home Sales, seen down by 2.5%, while the EU will publish preliminary April Consumer Confidence, forecasted at -7.0 vs. the previous -7.2.
Following the holidays' upward correction, the EUR/USD pair resumed its decline, now breaking through last week low at 1.1225 and once again, below the 61.8% retracement of the 1.1183/1.1323 rally. The pair was contained these days by selling interest around the 50% retracement of such a rally, where in the 4 hours chart, the pair also has the 100 SMA. In the mentioned timeframe, the pair is now below all of its moving averages, while technical indicators turned sharply lower, the Momentum at neutral readings but the RSI at around 35, all of which expose the yearly low at 1.1175.
Support levels: 1.1200 1.1175 1.1130
Resistance levels: 1.1245 1.1280 1.1320
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
EUR/USD stays in daily range slightly below 1.0900
EUR/USD continues to move up and down in a narrow band slightly below 1.0900 in the second half of the day on Monday. The modest improvement seen in risk mood makes it difficult for the US Dollar to find demand and helps the pair stay in range.
GBP/USD treads water above 1.2900 amid risk recovery
GBP/USD is keeping its range play intact above 1.2900 in the American session on Monday. The positive shift seen in risk sentiment doesn't allow the US Dollar to gather strength and helps the pair hold its ground ahead of this week's key data releases.
Gold extends slide below $2,400
Gold stays under persistent bearish pressure after breaking below the key $2,400 level and trades at its lowest level in over a week below $2,390. In the absence of fundamental drivers, technical developments seem to be causing XAU/USD to stretch lower.
Crypto Today: Bitcoin is less than 10% away from all-time high as Ethereum ETF approval anticipation brews
Bitcoin trades around $68,000 early on Monday, less than 10% away from its all-time high of $73,777 on Binance. Ethereum ETF anticipation brews among traders and Ether investment products see inflow of over $45 million in the past week.
Election volatility and tech earnings take centre stage
/stock-market-graph-gm532464153-55981218_XtraSmall.jpg)
The US Dollar managed to end the week higher as Trump Trades ensued. Safe-havens CHF and JPY were also higher while activity currencies such as NOK and NZD underperformed.