- EUR / USD loses strength as the dollar recovers in the market.
- Price remains above 1.2000, with the underlying bullish tone intact despite setback.
EUR / USD is rising slightly on Tuesday, having trimmed gains. The euro climbed to 1.2078, the highest level since March 3, before falling back towards the 1.2050 zone, where it is trading.
Both the advance and the subsequent retreat were guided by the movements of the dollar in the market. The greenback cut losses, even as US Treasury yields have fallen in recent hours. The US dollar index (DXY) returned above 91.00, after falling to 90.85, the lowest since early March.
Without relevant data from the US, traders will closely follow what happens on Wall Street where futures point to an open in the red, with an average decline of 0.40%. Today companies like Johnson & Johnson, Procter & Gamble and Loockheed will announce their first quarter results. The bond market will also remain key. In Europe, the details of the purchases made by the European Central Bank (ECB).
It was previously known that the product price index in Germany it rose 0.9% in March, reaching an annual rate of 3.7%. Thursday will be the ECB meeting, from which no new announcements are expected, but the statement will be key.
Levels to consider
In case of extending the retracement, the possible supports of the EUR / USD are located at 1.2030 and then 1.1995 appears. A consolidation below 1.1990 would take momentum from the euro. On the upside, if it continues above 1.2045, the bullish tone will remain strong and the break of the maximum would enable a test of the 1.2100 area, placing an important resistance in the 1.2110 / 20 band.
Additional levels
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