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EUR/USD remains close to 1.0600 in recovery mode

  • The dollar remains weak, the stock markets continue to rebound.
  • EUR/USD looks to extend gains but remains capped by 1.0600.
  • Ahead: Eurozone consumer confidence data.

EUR/USD hit daily highs at 1.0599 on Friday after finding support twice at the 1.0555 area. The pair is moving sideways, retaining a bullish bias but capped by 1.0600, supported by dollar weakness.

USD down, stocks up

European markets improve face and show significant rises. The DAX rises 1.80% and the CAC 40 1.20%. Wall Street futures point to gains of around 1.2%. This better tone helps keep the dollar somewhat weak. The DXY falls again and trades just above the weekly low in the 102.80 area. Treasury and German bond yields rise on Friday.

The Friday there will be no US impact data. so the focus could continue on what happens on Wall Street. The preliminary estimate of consumer confidence from the European Commission for May will be released from the Eurozone.

The EUR/USD trades with a slight gain, which leads it to have the fifth rise considering the last six days. The very short-term technical picture remains positive for the Euro, although it will need to break above 1.0600 to enable further rally, with the next target at 1.0640/45, where May is.

Of not being able to with 1.0600 the euro could lose moment. The first support is at 1.0555 and then 1.0510. Por below then 1.0490 appears (short-term uptrend line), qIf it were to give way, it would leave the euro vulnerable and without an upward bias.

Technical levels


Last Price Today 1.0596
Today’s Daily Change 0.0009
Today’s Daily Change % 0.09
Today’s Daily Opening 1.0587
20 Daily SMA 1.0546
50 Daily SMA 1.0786
100 Daily SMA 1.1033
200 Daily SMA 1.1291
Previous Daily High 1.0607
Previous Daily Minimum 1.0461
Previous Maximum Weekly 1.0592
Previous Weekly Minimum 1,035
Monthly Prior Maximum 1.1076
Previous Monthly Minimum 1.0471
Daily Fibonacci 38.2% 1.0551
Daily Fibonacci 61.8% 1.0517
Daily Pivot Point S1 1.0497
Daily Pivot Point S2 1.0406
Daily Pivot Point S3 1.0351
Daily Pivot Point R1 1.0642
Daily Pivot Point R2 1.0698
Daily Pivot Point R3 1.0788

Source: Fx Street

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