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EUR/USD hits three-week highs above 1.0100 as dollar crashes

  • Strong fall of the dollar in the market at the end of the week.
  • Wall Street futures rise around 1%.
  • EUR/USD tests levels above 1.0100.

EUR/USD is rising on Friday, on the back of a broad decline in the US dollar. The pair climbed to 1.0112, reaching the highest level since August 18. It is trading around 1.0090, still with a bullish tone.

If the rallies extend, the next relevant resistance can be seen at the 1.0145 area, followed by 1.0200. In the opposite direction, 1.0055 offers the first support followed by 1.0010. A return below 0.9975 would put the bullish moment behind us and put the spotlight on 0.9900.

It’s the dollar, not the ECB

ANDhe main fuel for the rise in EUR/USD on Friday is being dollar weakness. The greenback is in negative territory this week, according to analysts, it may be in anticipation of next week’s inflation data that could give signs that US inflation has already reached a peak. The Dollar Index (DXY) is at the 108.50 zone, down more than 1% extending the retracement from the decade high at 110.80.

Thursday the European Central Bank raised benchmark interest rates by 75 basis points, the largest hike in its history. It moved in line with expectations and the impact was limited. The common currency lost steam after the ECB events.

The President of the ECB, Christine Lagarde She has just given a speech in which she stated that the main mission of the central bank is price stability and she was determined to achieve that goal. She added that the ECB is ready to give liquidity to banks, not energy companies. The words came as no surprise after Thursday’s events.

In the days after the ECB meetings, news usually appears with rumors and speculation about the next steps. If it occurs, this can generate noise in the market.

EUR/CHF is falling for the second day in a row, trading below 0.9650, eyeing August lows. For its part, the EUR/GBP trades sideways near 0.8700 and the 2022 high.

Technical levels


Last Price Today 1.0084
Today’s Daily Change 0.0087
Today’s Daily Change % 0.87
Today’s Daily Opening 0.9997
20 Daily SMA 1.0026
50 Daily SMA 1.0128
100 Daily SMA 1.0354
200 Daily SMA 1.0769
Previous Daily High 1,003
Previous Daily Minimum 0.9931
Previous Maximum Weekly 1.0079
Previous Weekly Minimum 0.9911
Monthly Prior Maximum 1.0369
Previous Monthly Minimum 0.9901
Daily Fibonacci 38.2% 0.9969
Daily Fibonacci 61.8% 0.9992
Daily Pivot Point S1 0.9941
Daily Pivot Point S2 0.9886
Daily Pivot Point S3 0.9842
Daily Pivot Point R1 1.0041
Daily Pivot Point R2 1.0085
Daily Pivot Point R3 1,014

Source: Fx Street

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