• Euro losses a step vs US Dollar, eyes on Fed decision.
  • US housing gains, Building Permits, and Housing Starts rise.
  • Germany’s ZEW and EU surveys beat expectations, uplifting investor sentiment.

The Euro remains on the defensive against the US Dollar as market participants await March’s monetary policy decision by the Federal Open Market Committee (FOMC) on Wednesday. Therefore, the EUR/USD trades at 1.0859 and loses 0.12%.

EUR/USD dips amid central bank movement, positive US housing data

Tuesday’s session witnessed two major central banks' decisions. The Bank of Japan (BOJ) exited from negative interest rates, though delivered a dovish hike, which weakened the Japanese Yen (JPY) against most G8 currencies. The Reserve Bank of Australia (RBA) holds rates unchanged at 4.35%, with the RBA still considering a rate hike if inflation reaccelerates.

Aside from this, Wall Street prints decent gains as global bond yields drop. The US economic docket showed the housing sector is gathering steam. US Building Permits in February grew 1.9%, MoM, up from 1.489 million to 1.496 million. At the same time, Housing Starts for the same period exceeded estimates of 8.2%, increasing by 10.7%.

In the meantime, the US 10-year Treasury bond yield retreats two basis points, down to 4.034%. The US Dollar Index (DXY), a gauge of the buck’s value against a basket of other currencies, gains 0.23%, up at 103.82.

On the Eurozone’s (EU) front, Germany published the March ZEW Survey, which improved the country to 31.7, while the EU one surged to 33.5, beating estimates.

EUR/USD Price Analysis: Technical outlook

The EUR/USD daily chart suggests the pair is neutral to downward biased, though dynamic support levels like the 200, 100, and 50-day moving averages (DMAs) capped the Euro’s losses, opening the door for a recovery. If buyers lift the exchange rate above 1.0900, it could expose the March 13 high at 1.0964. followed by the year-to-date (YTD) high at 1.0981. On the other hand, sellers need to push prices below the 200-DMA at 1.0838, so they could threaten to challenge 1.0800.

EUR/USD

Overview
Today last price 1.0864
Today Daily Change -0.0008
Today Daily Change % -0.07
Today daily open 1.0872
 
Trends
Daily SMA20 1.087
Daily SMA50 1.085
Daily SMA100 1.0861
Daily SMA200 1.0839
 
Levels
Previous Daily High 1.0906
Previous Daily Low 1.0866
Previous Weekly High 1.0964
Previous Weekly Low 1.0873
Previous Monthly High 1.0898
Previous Monthly Low 1.0695
Daily Fibonacci 38.2% 1.0881
Daily Fibonacci 61.8% 1.0891
Daily Pivot Point S1 1.0857
Daily Pivot Point S2 1.0841
Daily Pivot Point S3 1.0817
Daily Pivot Point R1 1.0897
Daily Pivot Point R2 1.0922
Daily Pivot Point R3 1.0937

 

 

Share: Feed news

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


Recommended content

Editors’ Picks

EUR/USD trades deep in red below 1.0300 after strong US jobs report

EUR/USD trades deep in red below 1.0300 after strong US jobs report

EUR/USD stays under bearish pressure and trades below 1.0300 in the American session on Friday. The US Dollar benefits from the upbeat jobs report, which showed an increase of 256,000 in Nonfarm Payrolls, and forces the pair to stay on the back foot heading into the weekend.

EUR/USD News
GBP/USD drops toward 1.2200 on broad USD demand

GBP/USD drops toward 1.2200 on broad USD demand

GBP/USD extends its weekly slide and trades at its weakest level since November 2023 below 1.2250. The data from the US showed that Nonfarm Payrolls rose by 256,000 in December, fuelling a US Dollar rally and weighing on the pair.

GBP/USD News
Gold ignores upbeat US data, approaches $2,700

Gold ignores upbeat US data, approaches $2,700

Following a drop toward $2,660 with the immediate reaction to strong US employment data for December, Gold regained its traction and climbed towards $2,700. The risk-averse market atmosphere seems to be supporting XAU/USD despite renewed USD strength.

Gold News
Sui bulls eyes for a new all-time high of $6.35

Sui bulls eyes for a new all-time high of $6.35

Sui price recovers most of its weekly losses and trades around $5.06 at the time of writing on Friday. On-chain metrics hint at a rally ahead as SUI’s long-to-short ratio reaches the highest level in over a month, and open interest is also rising.

Read more
Think ahead: Mixed inflation data

Think ahead: Mixed inflation data

Core CPI data from the US next week could ease concerns about prolonged elevated inflation while in Central and Eastern Europe, inflation readings look set to remain high.

Read more
Best Forex Brokers with Low Spreads

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.

Read More

Forex MAJORS

Cryptocurrencies

Signatures