EUR/USD rises back above 1.1400 after UK Parliament votes down May’s Brexit deal

EUR/USD trims losses as GPB/USD rises more than 200 pips after Brexit vote.
Euro benefits from cable’s rally but EUR/GBP drops sharply.

Matías Salord FXStreet

The EUR/USD pair recovered ground from weekly lows and rose back above 1.1400. The euro climbed from 1.1381 to 1.1415 boosted by the rally of the pound versus the greenback.

Near the end of the session, EUR/USD stands at 1.1405, about to post a 50 pip daily loss. Price dropped back below the 20-day moving average and also under the key 1.1450 level. So far the recovery from the lows has been limited. The euro needs to regain 1.1450 to strengthen again.

At the same time EUR/USD trimmed losses, EUR/GBP reversed sharply falling from 0.8980 (daily high) to 0.8863 in a few minutes, reaching the lowest since December 3.

Brexit and UK political headlines are likely to continue to be a key driver of price action. Opposition leader, Jeremy Corbyn called for a vote of no confidence in May’s government. The vote will take place on Wednesday. Volatility on Pound’s crosses is likely to continue at extreme levels.

EUR/USD Levels

Overview:
    Today Last Price: 1.141
    Today Daily change: -59 pips
    Today Daily change %: -0.514%
    Today Daily Open: 1.1469
Trends:
    Previous Daily SMA20: 1.1429
    Previous Daily SMA50: 1.1385
    Previous Daily SMA100: 1.1474
    Previous Daily SMA200: 1.1623
Levels:
    Previous Daily High: 1.1484
    Previous Daily Low: 1.145
    Previous Weekly High: 1.1571
    Previous Weekly Low: 1.1396
    Previous Monthly High: 1.1486
    Previous Monthly Low: 1.1269
    Previous Daily Fibonacci 38.2%: 1.1471
    Previous Daily Fibonacci 61.8%: 1.1463
    Previous Daily Pivot Point S1: 1.1452
    Previous Daily Pivot Point S2: 1.1435
    Previous Daily Pivot Point S3: 1.1419
    Previous Daily Pivot Point R1: 1.1485
    Previous Daily Pivot Point R2: 1.1501
    Previous Daily Pivot Point R3: 1.1518

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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