EUR/USD marks new daily highs in the 1.0635 area

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  • The dollar goes back through the market, stocks up, bonds down.
  • EUR/USD is up more than 100 pips from Tuesday’s low.

The EUR/USD toaccelerated higher during the European session and climbed to 1.06358 reaching a new high for the day. In this way he extended the rebound after falling to 1.0519 on Tuesday, the lowest level in three weeks.

The pair’s advance is driven by dollar weakness throughout the market. The DXY is falling 0.70%, returning a large part of the gains from yesterday’s session. At the same time, Treasury yields are falling, contributing to the weak dollar.

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Equity markets are advancing, with gains on average greater than 1% in Europe. This is another factor that plays against the dollar.

The economic calendar shows ahead for the US the publication of the report of the ISM manufacturing and then in the afternoon Federal Reserve will release the minutes of the last FOMC meeting.

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The EUR/USD advance is erasing more than half of Tuesday’s losses. At the moment, the price is back above the 20-day moving average, which passes by 1.0610. The 1.0635 zone is important short-term resistance where the 20- and 55-period MAs converge on the four-hour chart. An advance above would give support to the euro to extend the rises. In the opposite direction, 1.0570 is the key support in the current bullish rebound, which, if it gives way, would leave the euro vulnerable.

technical levels


Last Price Today 1.0615
Today’s Daily Change 0.0063
Today’s Daily Change % 0.60
Today’s Daily Open 1.0552
20 Daily SMA 1.0608
SMA of 50 Daily 1.0375
SMA of 100 Daily 1.0135
SMA of 200 Daily 1.0321
Previous Daily High 1.0684
Minimum Previous Daily 1,052
Previous Weekly High 1.0713
Previous Weekly Minimum 1.0607
Maximum Prior Monthly 1.0736
Minimum Prior Monthly 1.0393
Daily Fibonacci 38.2% 1.0582
Daily Fibonacci 61.8% 1.0621
Daily Pivot Point S1 1.0486
Daily Pivot Point S2 1.0421
Daily Pivot Point S3 1.0322
Daily Pivot Point R1 1,065
Daily Pivot Point R2 1.0749
Daily Pivot Point R3 1.0814

Source: Fx Street

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