EUR / USD finds support above 1.1850 and remains in ranges

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  • Dollar consolidates losses on Wednesday.
  • EUR / USD moving ranges below 1.1900.

The EUR / USD fell to test the day’s lows but held above the 1.1850 area and bounced back towards 1.1870. The pair continues with consolidation runs between 1.1850 and 1.1890, with the euro unable to benefit from the weakness of the dollar.

The greenback is showing a moderate decline on almost all fronts, even against the yen which is surprising as stocks are rising. Although the main Wall Street indices are up less than 0.30%, hours ago they were trading in negative territory. The rebound was accompanied by a decline in USD / JPY.

The EUR / USD weakened after it became known that the Pfizer vaccine, with an effectiveness of 95%, it will request authorization from the regulators in the coming days. A factor that also limited the strength of the euro is the fall of the EUR / GBP.

The dollar index is trading near a one-week lows below 92.30, maintaining a clear bearish bias. The only US data on Wednesday was a higher than expected rise in housing starts, but that had no impact on the market.

Since From a technical point of view, in the short term the EUR / USD maintains a bullish bias and is currently trading between 1.1850 and 1.1890. To enable more raises the euro needs to break and exceed 1.1900. A daily close over 1.1920 would point to a possible visit at 1.2000. In the opposite direction, a drop below 1.1850 would weaken the very short-term bullish bias. The next support is at 1.1810, followed by 1.1790.

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