- EUR / USD remains sideways within the range of the last few days.
- Generalized fall of the dollar drives the intraday rebound.
The EUR / USD rebounded from 1.1870 and climbed to 1.1915, marking a new high for the day. The rise occurred before a generalized decline in the dollar in the market. The euro remains in the zone of the highs, about 1.1900.
The US dollar index (DXY) is at its lows for the day, near 92.00 and from the bottom of last Friday. The setback occurred despite stability in Treasury bond yields and a slight drop in European stocks and Wall Street futures.
In the Eurozone, there was a 3% rise in retail sales in February, exceeding expectations, although they are still 2.8% below pre-pandemic levels. The data had no impact on the market. The calendar for the next few hours is relieved and the placement of debt in the US and the fiscal accounts report for March stand out.
Technical overview
EUR / USD is for the fourth day in a row staying within a range between 1.1860 and 1.1920, which includes the 200-day moving average and holding above the 20-day moving average, which is passing through 1.1845. A fall below this last level would alter further weakness ahead, while if the euro remains above it has relevant support. The firm break at 1.1920, could lead to the next strong resistance at 1.1945 / 50.
Technical levels
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