- The dollar falls throughout the market, with moderate weakness.
- Equity markets recover after several negative days.
- EUR/USD again finds resistance below 1.0660.
EUR/USD is rising on Monday, after getting back above 1.0600 and after the dollar lost strength in the market. It rises after falling for two days. The advance again halted below 1.0660.
ANDThe pair climbed from a multi-day low at 1.0582 and recently reached as high as 1.0658. But the 1.0660 area remains major resistance, which stopped the advance. The Euro then lost steam and fell to 1.0615, where it is trading. It still holds above the 20-hour moving average at 1.0610 and a drop below could enable a test of 1.0600 and then the 1.0580 area.
The short-term tone remains sideways for EUR/USD. If firm above 1.0660 a test of 1.0700 could be expected. A daily close on the latter would enable more gains.
Regarding data, the German IFO survey was published, which showed an improvement in the business climate index from 86.4 to 88.6 and from 80.2 to 83.2 in the expectations index. The numbers were higher than expected.
No new economic reports will come out in the US, so the main focus could be on what happens with the stock markets and the Treasury bond market.
technical levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
