The EUR/USD has started the week with a drop in early Monday to 1.1942, a six-day low. From that moment on, the pair has started to regain ground, gaining more than 85 pips until jumping above 1.2000 and reaching new six-and-a-half week highs at 1.2027.
The rise in the euro is driven by a sharp fall in the dollar, whose DXY index has plunged more than 55 pips to 91.17, its lowest level since March 4. For their part, US bond yields have fallen to 1.56%, a level not seen since Thursday, April 15.
The Eurozone has published in the last minutes the current account data for February, with the sa reading placing the surplus at 25.9B euros, below the 34.7B in January and the 28.5B expected. The nsa indicator stood at 13.8B euros, surpassing the 5.6B of the previous month, but without reaching the estimated 23.4B. Later in the day only the monthly report from the Bundesbak is expected.
EUR / USD levels
With the cross trading at the time of writing above 1.2022, gaining 0.31% on the day, the next resistance is located at the 1.2062 zone, ceiling of March 4, before reaching the 1.2100 barrier. If it succeeds, the next target will be 1.2113, March 3 high.
On the downside, support is now at 1.2000. A turn below would target 1.1942, the day’s bottom, before extending to 1.1900.
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