- EUR / USD lost steam after approaching 1.1800
- German IFO Business Confidence Report Surprises Rise, US Data Comes
EUR / USD rose to 1.1798, extending the recovery after hitting a new low for this year at 1.1760 on Thursday. The rebound lost momentum near 1.1800 and reversed direction falling to 1.1770. On the pre-release data the US is trading at 1.1775 / 80, showing a small gain for the day.
Yields go up again
The The reversal from the highs of the day in the EUR / USD there was a slight generalized rise of the dollar in the market that can be traced to the bo marketU.S. There, yields on US securities accelerated. The 10-year rate reached 1.67%, the maximum in days.
The euro remains under pressure, which is reflected in the decline in the EUR / GBP. The differential in the vaccination process between the European Union and the United Kingdom and the US, together with the announcements of restrictions in Europe, do not help the common currency.
On the positive side, it was learned that Germany’s IFO survey on business climate improved further to 96.6 in March. These results are in addition to the auspicious data published in the region at the beginning of the week, although without any positive impact on the euro.
From the US, the personal income and spending report will be released, which also includes the underlying inflation data for spending, a key inflation number. Then the consumer confidence report will come out.
From a technical point of view, the trend in the EUR / USD remains clearly bearish. The magnitude of the recent decline could favor some consolidation in the very short term. To the upside, the 1.1800 zone emerges as the first resistance followed by 1.1835. Below 1.1760, strong support looms at 1.1725 / 30.
Technical levels
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