EUR/USD consolidates losses with upside attempts capped below the 1.0700 area
19.04.2024, 17:56

EUR/USD consolidates losses with upside attempts capped below the 1.0700 area

  • The Euro remains contained above 1.0600 support yet with bullish attempts capped below 1.0690
  • The broader bias remains unchanged, with the pair on a bearish trend from early March highs near 1.1000.
  • The diverging ECB - Fed monetary policy outlook is expected to keep the pair under pressure.

Euro bears have been contained at 1.0605 support area this week, but the pair remained trading sideways, with upside attempts capped below 1.0690. The pair is on track to close the week little changed, following a 1.8% sell-off in the previous week.

A somewhat softer US Dollar has given the common currency some oxygen on Friday, although the broader bearish trend remains unchanged. The diverging monetary policy outlook between the ECB and the Fed is expected to weigh on the pair.

This week’s data has endorsed the view of a ‘no landing” in the US economy, which is strengthening the case for the Fed’s Hawkish sector. Earlier on Friday, Chicago Fed President Austen Goolsbee reiterated that the progress on inflation has stalled and that it will take longer than expected to achieve the 2% target. The Dollar has reacted with a moderate appreciation.

On the contrary, ECB’s President Lagarde suggested that interest rate cuts will likely come in June. This puts the European Central Bank in the unusual situation of acting ahead of the Fed, which is expected to keep the Euro under pressure.

EUR/USD

Overview
Today last price 1.0653
Today Daily Change 0.0010
Today Daily Change % 0.09
Today daily open 1.0643
 
Trends
Daily SMA20 1.0765
Daily SMA50 1.0813
Daily SMA100 1.0855
Daily SMA200 1.0821
 
Levels
Previous Daily High 1.069
Previous Daily Low 1.0642
Previous Weekly High 1.0885
Previous Weekly Low 1.0622
Previous Monthly High 1.0981
Previous Monthly Low 1.0768
Daily Fibonacci 38.2% 1.066
Daily Fibonacci 61.8% 1.0672
Daily Pivot Point S1 1.0627
Daily Pivot Point S2 1.061
Daily Pivot Point S3 1.0578
Daily Pivot Point R1 1.0675
Daily Pivot Point R2 1.0707
Daily Pivot Point R3 1.0724

 

 

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