- The dollar is retreating in the market due to lower yields on Treasury bonds.
- Wall Street futures in mixed terrain.
- EUR/USD aims to test 0.9810, with a bullish intraday bias.
EUR/USD is rising on Thursday and recently posted new daily highs at 0.9805. The pair remains in the 0.9800 area, with a bullish intraday bias supported by dollar weakness.
Dollar pullback is boosting EUR/USD. The greenback lost ground on all fronts in the last hour as Treasury yields fell from their highest in decades. The 10-year tranche yields 4.11%, moving away from the 4.18% peak.
Today began the two-day meeting of the European Council with the focus on the limits to the increase in energy prices. A round of loans backed by the European Union could also be discussed.
Regarding data, a rise of 2.3% was known in the Producer Price Index in Germany during September, which led the annual rate to remain at 45.8%, and the consensus was for a decrease to 44.7%. .
In the US, the economic calendar is loaded on Thursday, with important reports. The report on initial jobless claims, existing home sales data, the Philly Fed, and the Conference Board’s consumer confidence index will be released. Speaking will be Federal Reserve officials Patrick Harker, Lisa Cook, and Michelle Bowman.
Targeting 0.9810
The EUR/USD has a bullish intraday bias by the 20 hour moving average at 0.9775. In case of losing this level, the bias would change. Upside, next resistance is at 0.9810, followed by 0.9830 and then weekly high at 0.9870. In case of losing 0.9750, the 0.9710/00 area would be exposed.
Technical levels
Source: Fx Street
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