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EUR/USD rises from weekly lows and hits a three-day high above 1.0030

  • 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

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