He EUR/USD started Wednesday’s session accelerating to 1.0759, a new two-month high, but subsequently lost ground, leaving around 130 pips until bottoming out at 1.0631new minimum of three days.
The fall of the single currency has been caused by the strengthening of the dollar, whose DXY index it has risen about 90 points to 104.36, a new two-day high. This recovery coincides with a drop in US 10-year bond yields, which are falling 2.3% daily to 3.55%.
The euro zone has published in the European morning its data on January industrial productionwhich have shown a rise of 0.7% monthly and 0.9% annually, both figures above the estimated 0.4% and 0.2%, respectively.
Traders will be keeping an eye on US data due later in the day, highlighting the retail sales, which are expected to fall 0.3% monthly in February and 1.2% annually. Production prices will also be in the spotlight.
EUR/USD Levels
With the pair trading at time of writing above 1.0634, down 0.92%, next support lies in the psychological zone of 1.0600. Below, the target is on 1.0524minimum of March 8, and support zone before 1.0483 (2023 soil recorded on January 6).
To the upside, initial resistance awaits at 1.0700. If it manages to consolidate above this level, the next barrier would be in 1.0759today’s daily ceiling, before trying to storm the area 1.0800/04psychological level and maximum of February 14, respectively.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
