- The US dollar reverses late on Friday and turns negative.
- US yields move away from highs after Consumer Sentiment report.
- EUR/USD is about to end the week with little change.
The pair EUR/USD it broke above the 0.9970 level and rose to 1.0035, reaching the highest level since Tuesday, amid a pullback in the US dollar across the board following the University of Michigan report on consumer sentiment.
In European time, EUR/USD hit a one-week low below 0.9950 and hit a multi-day high a few hours later fueled by a weaker dollar, hit after the University of Michigan sentiment report. of the consumer. The main index rose to 59.2, below the market consensus of 60. The key figures were inflation expectations which fell across the curve.
The key event ahead is the FOMC decision on Wednesday. A rate hike of 75 basis points is expected. The decision, the dotted chart and the tone of the Fed will likely determine the next direction of the EUR/USD.
“Shattered Narrative” – Inflation in the US continues unabated, blowing up the “Fed Pivot” story and boosting the dollar. Europe’s efforts to mitigate the energy crisis were insufficient to resist the strength of the USD. All eyes are now on the world’s largest central bank, and everything else takes a backseat,” said Yohay Elay, analyst at FXStreet.
EUR/USD weekly chart
EUR/USD is about to end the week flat. The pair’s trend is clearly bearish, but it has been able to hold above 0.9850/0.9900 so far. If the euro manages to close above 1.0070 it could alleviate the negative pressure. The next level is the 1.0300 area which contains the 20 week moving average. On the other hand, support is found at 0.9910, followed by 0.9860 and 0.9730.
EURUSD weekly chart
Technical levels
EUR/USD
Panorama | |
---|---|
Last Price Today | 1.0019 |
Today’s Daily Change | 0.0019 |
Today’s Daily Change % | 0.19 |
Today’s Daily Opening | 1 |
Trends | |
---|---|
20 Daily SMA | 0.9989 |
50 Daily SMA | 1.0101 |
100 Daily SMA | 1.0323 |
200 Daily SMA | 1.0737 |
levels | |
---|---|
Previous Daily High | 1.0018 |
Previous Daily Minimum | 0.9956 |
Previous Maximum Weekly | 1.0114 |
Previous Weekly Minimum | 0.9864 |
Monthly Prior Maximum | 1.0369 |
Previous Monthly Minimum | 0.9901 |
Daily Fibonacci 38.2% | 0.9994 |
Daily Fibonacci 61.8% | 0.998 |
Daily Pivot Point S1 | 0.9965 |
Daily Pivot Point S2 | 0.9929 |
Daily Pivot Point S3 | 0.9903 |
Daily Pivot Point R1 | 1.0027 |
Daily Pivot Point R2 | 1.0053 |
Daily Pivot Point R3 | 1.0089 |
Source: Fx Street
With 6 years of experience, I bring to the table captivating and informative writing in the world news category. My expertise covers a range of industries, including tourism, technology, forex and stocks. From brief social media posts to in-depth articles, I am dedicated to creating compelling content for various platforms.