- Euro is approaching Tuesday’s highs, but loses out.
- Financial markets mostly in a lateral direction, within the ranges of Tuesday.
The EUR / USD is trading unchanged near 1.1900, after rebounding after falling to the 1.1865 area.. Movements around the dollar continue to dominate the session. Stock markets in Europe rose on average 0.35%, in line with Wall Street futures.
The advance in the mequity markets after the rises on Tuesday, it is a factor that limits the dollar. On the other side, Treasury yields are rising with the 10-year rate at 1.56%. The dollar index advances only 0.10%, and stands at 92.05.
The underlying theme behind the performance of the dollar and Wall Street continues to be around inflation expectations in the US, given a forecast of higher growth than the Eurozone, due to the different speed of vaccination.
Today will be published US retail inflation data for February. Another event of attention will be the placement of 10-year debt. In the Eurozone, cannons point to Thursday’s meeting of the European Central Bank.
EUR / USD faces resistance at 1.1910
The dominant trend is still pointing to the downside in the EUR / USD, but in the short term it is in consolidation mode, with a slight rebound. The rebound of the euro found resistance at 1.1910. A confirmation above would enable a bullish extension, with the next resistance being at 1.1945.
In the opposite direction, The 20-hour moving average is at 1.1890, very close to the 20-hour moving average and the 1.1880 area, which is a horizontal support. This implies that up to 1.1870 there are various supports, and a fall below this last level, would put the euro under pressure again, exposing 1.1850 and the recent low at 1.1835.
Technical levels
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