#EURUSD @ 0.99528 -imp levels: US Dollar loses momentum on risk appetite.

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• US Dollar loses momentum on risk appetite.
• Market participants turn attention to Jackson Hole.
• EUR/USD unable to recover 1.0000, holds near 20-year lows.

The pair currently trades last at 0.99528.

The previous day high was 1.0018 while the previous day low was 0.9901. The daily 38.2% Fib levels comes at 0.9973, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9946, expected to provide support.

The EUR/USD rose from the daily low at 0.9907 to 0.9998 in a few minutes around the London fix, on the back of a broad-based slide of the US dollar. The euro failed to hold to gains and pulled back to the 0.9950 area.

The greenback weakened even as US yields held at daily highs. The improvement in risk sentiment weighed on the dollar. The Dow Jones is up by 0.37% and the Nasdaq gains 0.80%. The DXY printed a fresh daily low at 108.36 and, as of writing, it is hovering around 108.70, up 0.22% for the day.

Data released on Wednesday showed Durable Goods Orders showed a 0% increase in July against expectations of a 0.6% rise and Pending Home Sales declined 1%, less-than-expected. The numbers did not have a significant impact on market that are turning their attention to the Jackson Hole symposium.

Fed Chair Powell will deliver his speech on Friday. “While some may be looking for an explicit policy signal, we believe the Fed will leave all options open for the September 20-2 FOMC meeting. However, we expect Chair Powell and his colleagues to maintain a very hawkish tone at the symposium. We also give an overview of current U.S. economic conditions”, explained analysts at Brown Brothers Harriman.

The EUR/USD remains under pressure, unable to sustain a recovery. Another test of 0.9900 over the next sessions should not be ruled out. A break lower could trigger more losses with the next support seen around 0.9860. A firm break above 1.0000 could alleviate the bearish pressure, particularly if the euro manages to recover 1.0030.

Technical Levels: Supports and Resistances

EURUSD currently trading at 0.9967 at the time of writing. Pair opened at 0.9969 and is trading with a change of -0.02 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 1.0173, 50 SMA 1.0258, 100 SMA @ 1.0458 and 200 SMA @ 1.0848.

The previous day high was 1.0018 while the previous day low was 0.9901. The daily 38.2% Fib levels comes at 0.9973, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9946, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9907, 0.9845, 0.9789
• Pivot resistance is noted at 1.0025, 1.008, 1.0142

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