- Euro recovers against the dollar, it continues with some weakness against its European rivals.
- Dollar under pressure, DXY is approaching 90.00.
- The decision of the ECB and economic data from the US are coming.
He EUR / USD is rising on Thursday, as the dollar continues to decline following the inauguration of Joe Biden as US president. The price climbed up to 1.2146, unable to exceed Wednesday’s highs. In the previous decision of the European Central Bank (ECB) it operates at 1.2135, about 30 pips above yesterday’s close.
He Advancement is driven by the dollar’s decline throughout the market. The greenback continues to weaken in a context of rising stocks. Investors welcomed Biden’s first measures and first four-quarter corporate results.
In the short term the EUR / USD maintains the bullish bias and faces resistance around 1.2150. A confirmation over 1.2160 could anticipate more gains. In the opposite direction, below 1.2120, where the 20-hour moving average is, the intraday bias would turn to neutral / bearish.
In the In the next few hours the decision of the ECB will be known. Changes are not expected and could happen without impact on the market. However, Christine Lagarde’s words will be followed closely and has the potential to affect the euro.
In The US eye will continue closely on the first steps of the Biden administration. The report will be published weekly unemployment benefits, which last week showed an unexpected jump. There will also be the report of home start and the Philly Fed.
Technical levels
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
