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- EUR/USD off lows, fails to recover 1.0200
EUR/USD off lows, fails to recover 1.0200
- US Dollar loses momentum during the American session amid risk appetite.
- EUR/USD turns positive after hitting the lowest level since August 3.
The EUR/USD rose more than 50 pips from the weekly low it reached earlier at 1.0121. The euro printed a fresh daily high at 1.0194 and then pulled back modestly. The move higher was supported by a weaker dollar amid risk appetite.
The DXY is flat after erasing gains. The Index hit two-week highs near 107.00 and then dropped back toward 106.50. In Wall Street, the Dow Jones is up by 0.73% and the S&P 500 climbs 0.28%. US yields are modestly higher, keeping the dollar’s retreat limited. Economic data from the US came in mixed. Industrial Production rose above expectations in July (0.6% vs 0.3%) while Housing Starts tumbled 9.6%.
Technical outlook
The EUR/USD found support above 1.0120/25, like last week. While above losses seem limited for the euro. The bias in the short-term still points to the downside with price under key moving averages in four hours and daily chats. The critical support level continues to be 1.0100 with a consolidation below exposing the parity.
On the upside, immediate resistance is seen at 1.0200 followed by 1.0215 (20-day Simple Moving Average) followed by 1.0270/80.
Technical levels
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