The EUR/USD pair, currently trading at 1.12195, shows its first daily increase in three days and is hovering close to its highest point of the day.

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]

• EUR/USD prints the first daily gains in three, grinds near intraday high of late.

The pair currently trades last at 1.12195.

The previous day high was 1.124 while the previous day low was 1.1174. The daily 38.2% Fib levels comes at 1.1199, expected to provide support. Similarly, the daily 61.8% fib level is at 1.1215, expected to provide support.

EUR/USD clings to mild gains around 1.1220 as it prints the first daily profits in three heading into Thursday’s European session. In doing so, the Euro pair cheers the broad US Dollar weakness while paying little heed to the mixed concerns about Eurozone.

That said, Reuters’ analysis highlights the multi-year high inflation and Ukrainian war to mark the grim employment conditions in the bloc and prod the optimism surrounding the Eurozone. On the same line, European Central Bank (ECB) Governing Council member Yannis Stournaras told CGTN Europe on Wednesday that he wasn’t sure whether the ECB would hike rates again after 25 bps increase next week. The policymaker also argued that the inflation is falling adding that further increases of interest rates might damage the economy.

It’s worth mentioning that the economic transition in the US attracts more doubts than those from the Eurozone, which in turn keeps the EUR/USD firmer, especially when the Fed bets suggest a policy pivot after July while ECB talks are slightly less dovish.

On the contrary, US Dollar Index (DXY) drops 0.25% intraday to retest the 100.00 round figure while snapping a two-day rebound from the lowest level since April 2022. With this, the greenback justifies the previous day’s downbeat US housing data and mixed concerns about the Fed, as well as ignores the optimism at the US banks.

It should be noted that the fresh fears of the US-China tussles, emanating from the comments of China diplomat and the US House of Representatives’ move concerning outbound investments and AI chips, seem to prod the EUR/USD bulls of late.

Amid these plays, the S&P500 Futures print mild losses whereas the US Treasury bond yields trade mixed at the weekly low.

Looking ahead, the preliminary readings for Eurozone’s Consumer Confidence for July will precede the US Initial Jobless Claims and Existing Home Sales to decorate the economic calendar. However, major attention should be given to the risk catalysts for clear directions. Should the scheduled EU readings come in firmer, the EUR/USD may cross the key 1.1280 hurdle amid broad US Dollar weakness while the otherwise case may not lure the bears unless the US data and sentiment propel the greenback.

EUR/USD pair’s successful trading above the 1.1145-40 support confluence comprising the 10-DMA and previous resistance line stretched from February enables the Euro pair to once again target the 1.1280 resistance zone including levels marked during early 2022. However, the nearly overbought RSI conditions challenge the major currency pair’s upside past 1.1280.

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.122 at the time of writing. Pair opened at 1.1201 and is trading with a change of 0.17% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.1008, 50 SMA 1.0884, 100 SMA @ 1.0872 and 200 SMA @ 1.0675.

The previous day high was 1.124 while the previous day low was 1.1174. The daily 38.2% Fib levels comes at 1.1199, expected to provide support. Similarly, the daily 61.8% fib level is at 1.1215, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.117, 1.1139, 1.1104
• Pivot resistance is noted at 1.1236, 1.1271, 1.1302

[/s2If]
Download Nehcap EAWe have two EAs that are operational on our LIVE accounts.

1. EA-FIX: Check out the details here. Download EA-FIX . EA-FIX is a non-grid HFT scalper.
2. EA-GROWTH: High quality low dd EA using trend grids. Download EA_GROWTHJoin Our Telegram Group