- Euro maintains bullish tone against the dollar.
- EUR / USD peaked since September at 1.1992.
The EUR / USD lost momentum after approaching 1.2000 and retreated, cutting some of Monday’s gains. After reaching 1.1992, the highest since early September, the pair fell to 1.1972, holding above the 20 hour moving average. The bullish tone remains firm.
The rise of the EUR / USD is mainly supported by a decline in the dollar throughout the market. The DXY is at the lows since 2018, below 91.70. The index managed to stabilize modestly in the last hour, but remains under strong downward pressure.
Regarding data, the Chicago PMI report and the pending home sales data will be published in the US. In the Eurozone, it was known that annual inflation in Germany fell more than expected in November to -0.7%.
What happens on Wall Street, adding to the potential news due to Brexit, the coronavirus and the end-of-month flows, is expected to be decisive in the EUR / USD for the next few hours.
From a technical point of view, EUR / USD remains bullish, especially after having managed to assert itself over 1.1900, which opened the doors to more increases. You are now testing the 1.1990 / 1.2000 zone. In the very short term, a drop below 1.1970 (20-hour moving average) could weaken the intraday outlook, without jeopardizing the bullish bias, which will be in danger of falling below 1.1900.
Technical levels
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