EUR / USD Maintains Daily Gains Above 1.1850 Amid Upbeat Mood

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  • EUR / USD moved away from highs but remains firm above 1.1850.
  • The ECB sets a symmetric inflation target in its strategic review.

The EUR/USD It is stalling its two-day rally heading into the weekly close on Friday, as the US dollar experiences a small rebound.

Despite the pullback, the major currency pair is holding a significant portion of intraday gains while holding above 1.1850. The pair is currently trading at 1.1862, up 0.16% on the day, after hitting a two-day high of 1.1875 in the past hour.

Market optimism continues to undermine safe-haven demand for the US dollar, providing support to the pair as the bulls continue to challenge the robust recovery in US Treasury yields.

The pair recovered from a three-month lows of 1.1782 on Thursday after the European Central Bank (ECB) adopted a symmetric inflation target of 2% at its strategic review meeting.

Meanwhile, the Fed’s Monetary Policy Report revealed that upside risks to the near-term inflation outlook have increased. Although the dollar showed little reaction to the report, as it remains at the mercy of risk sentiment.

EUR / USD: technical levels

“Some support awaits at 1.1825, the daily low. It is only followed by the new July low of 1.1781. Below, 1.1740 and 1.1717 are the next lines to consider. Some resistance is at 1.1875, which is the weekly high. This is followed by 1.1895, the monthly high, followed by 1.1950 and 1.1975, explains FXStreet senior analyst Yohay Elam.

EUR / USD: additional levels

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