After falling to a two-day low at 1.1737 on the European morning, the EUR/USD has recovered 70 pips, rising in the last hour to the zone 1.1807, new high of the last eleven days.
The pair’s rise coincides with a significant loss of traction in the dollar, whose DXY index has just fallen to 92.60, its lowest level since March 25. US bond yields have rebounded to 1.73% in recent minutes, while US stocks show gains, with the Dow Jones rising 0.85% and the Nasdaq 100 growing 1.23%.
The good result of the ISM services PMI in the United States has boosted risk appetite, as it shows a strong take-off in the US economy after the good employment data published last Friday. The ISM of the services sector has grown in March to 63.7, its historical maximum, notably exceeding the expected 58.5 points. Additionally, the indicator’s employment index has jumped to 57.2 from 52.7, improving the consensus of 53.9.
EUR / USD levels
With the pair trading at the time of writing above 1.1801, gaining 0.33%, the next resistance to beat is located at 1.1827, March 25 maximum. Higher up awaits the zone of 1.1850, where are the peaks of March 24, before attempting the assault towards 1.1900.
To the downside, the first support to consider awaits at 1.1712, the low of April 1. Further down, a larger drop would be expected if 1.1704, the bottom of March 31 and the last five months, were to break.
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
