EURUSD hits fresh daily lows below 1.0300

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  • The dollar tries to recover some of the ground lost last week in the market.
  • EURUSD corrects lower, remains well above the levels of a week ago.
  • Eurozone: Industrial Production rises 0.9% in September, beating expectations.

The EURUSD extended decline from highs in months and after having the best week since 2020, and posted new daily lows at 1.0285. This occurs in the face of a moderate rise in the dollar in the market, which is trying to cut a negative streak

Thursday’s US inflation data, pointing to a slowdown in the pace of the Fed’s tightening cycle, triggered a dollar slide. At the beginning of the week it recovers ground. The Dollar Index (DXY) is up 0.70% and trading above 107.00, rebounding from mid-August lows. Treasury bond yields rise modestly supporting the greenback. Wall Street futures are trading in the red.

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An increase in industrial production in the Eurozone of 0.9% was known in September, higher than the 0.3% market consensus. The data had no impact on the market. For his part, the ECB official, Fabio Panetta, stated that it is necessary to continue adjusting monetary policy, although he warned of the dangers of going beyond what is necessary. In the US there will be no relevant data on Monday and the Vice President of the Fed Brainard will present. The Producer Price Index will arrive on Tuesday.

The EURUSD maintains its bullish tone, although in the very short term it is correcting after rising more than 300 pips in two days. At 1.0275 the first support appears, followed by 1.0250 and then 1.0220. To the upside, 1.0300 may become the first resistance followed by 1.0330, then 1.0350 and above that the focus will shift to the rally high at 1.0362.

Technical levels

EUR/USD

Panorama
Last Price Today 1,029
Today’s Daily Change -0.0068
Today’s Daily Change % -0.66
Today’s Daily Opening 1.0358
Trends
20 Daily SMA 0.9946
50 Daily SMA 0.9893
100 Daily SMA 1.0032
200 Daily SMA 1,044
levels
Previous Daily High 1.0364
Previous Daily Minimum 1.0163
Previous Maximum Weekly 1.0364
Previous Weekly Minimum 0.9903
Monthly Prior Maximum 1.0094
Previous Monthly Minimum 0.9632
Daily Fibonacci 38.2% 1.0287
Daily Fibonacci 61.8% 1,024
Daily Pivot Point S1 1.0226
Daily Pivot Point S2 1.0094
Daily Pivot Point S3 1.0025
Daily Pivot Point R1 1.0427
Daily Pivot Point R2 1.0496
Daily Pivot Point R3 1.0628
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Source: Fx Street

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