- Attempts a tepid recovery above 5-DMA amid dollar comeback.
- Awaits Eurozone industrial production data and US CPI for fresh trading impetus.
Fresh bids emerged near the daily pivot at 1.1310, allowing a tepid bounce in the EUR/USD pair in an effort to regain the 5-DMA barrier at 1.1321. At the press time, the pair trades at 1.1332, up +0.10% on the day.
Despite the latest leg up in the spot, the bulls remain wary amid a broad-based US dollar comeback, as markets remain focussed on the outcome of the US-China trade talks, starting tomorrow.
More so, the US dollar index rose from 96.64 lows to print the daily highs at 96.84, as markets expect the US headline CPI figure to accelerate to 0.1% m/m in January vs. 0.0% last while the core figures are likely to steady at 0.2% inter-month.
On the EUR-side of the story, the recent downbeat Eurozone fundamentals continue to undermine the sentiment around the common currency that could keep any recovery short-lived.
Meanwhile, the negative tone seen around the 10-year German bond yields could also cap the upside attempts, as the immediate focus now shifts towards the Eurozone industrial production data due at 1000 GMT, which could aid the recovery mode in the major.
EUR/USD levels to watch
Overview:
Today Last Price: 1.1330
Today Daily change: 4 pips
Today Daily change %: -0.04%
Today Daily Open: 1.1332
Trends:
Daily SMA20: 1.1386
Daily SMA50: 1.1398
Daily SMA100: 1.1416
Daily SMA200: 1.1538
Levels:
Previous Daily High: 1.1342
Previous Daily Low: 1.1258
Previous Weekly High: 1.1462
Previous Weekly Low: 1.132
Previous Monthly High: 1.1586
Previous Monthly Low: 1.1289
Daily Fibonacci 38.2%: 1.1309
Daily Fibonacci 61.8%: 1.129
Daily Pivot Point S1: 1.1279
Daily Pivot Point S2: 1.1226
Daily Pivot Point S3: 1.1195
Daily Pivot Point R1: 1.1363
Daily Pivot Point R2: 1.1394
Daily Pivot Point R3: 1.1447
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 holds steady above 1.0550 on modest USD weakness
EUR/USD struggles to gather recovery momentum but clings to modest daily gains above 1.0550 in the second half of the day on Monday. Although the US Dollar corrects lower following the previous week's rally, the cautious market mood makes it hard for the pair to push higher.
GBP/USD stabilizes above 1.2600 following previous week's drop
GBP/USD defends minor bids above 1.2600 in the American session on Monday, while the negative shift seen in risk sentiment caps the pair's upside. The Bank of England Monetary Policy Hearings and UK inflation data this week could influence Pound Sterling's valuation.
Gold gives signs of life and reclaims $2,600/oz
After suffering large losses in the previous week, Gold gathers recovery momentum and trades in positive territory above $2,600 on Monday. In the absence of high-tier data releases, escalating geopolitical tensions help XAU/USD hold its ground.
Bonk holds near record-high as traders cheer hefty token burn
Bonk (BONK) price extends its gains on Monday after surging more than 100% last week and reaching a new all-time high on Sunday. This rally was fueled by the announcement on Friday that BONK would burn 1 trillion tokens by Christmas.
The week ahead: Powell stumps the US stock rally as Bitcoin surges, as we wait Nvidia earnings, UK CPI
The mood music is shifting for the Trump trade. Stocks fell sharply at the end of last week, led by big tech. The S&P 500 was down by more than 2% last week, its weakest performance in 2 months, while the Nasdaq was lower by 3%. The market has now given back half of the post-Trump election win gains.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.