US Dollar weakness further as stocks jump in Wall Street. (Pivot Orderbook analysis)
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- US Dollar weakness further as stocks jump in Wall Street.
- Crude oil prices rise by more than 2%, Gold breaks above $1,850.
- US bonds extend recovery ahead of NFP week.
The pair currently trades last at 104.5.
The previous day high was 105.18 while the previous day low was 104.34. The daily 38.2% Fib levels comes at 104.86, expected to provide resistance. Similarly, the daily 61.8% fib level is at 104.66, expected to provide resistance.
The US Dollar dropped further late on Friday with EUR/USD reaching fresh highs above 1.0630 and GBP/USD soaring above 1.2000. Risk appetite and a recovery in Treasuries weighed on the Dollar.
The DXY broke below European session lows late on Friday and fell below 104.50 as stocks on Wall Street rose further. The Dow Jones was on its way to gain more than 1% and the Nasdaq was up by almost 2%.
In a low liquidity environment, risk appetite pushed the Dollar further lower. After a positive February, the Greenback posted the first weekly loss in a month even as US yields held near monthly highs and after upbeat US economic data.
The Pound gained momentum with GBP/USD soaring toward 1.2050. EUR/GBP trimmed weekly losses falling below 0.8830. EUR/USD rose above 1.0630 while USD/JPY fell to two-day lows below 135.80. Emerging market currencies also appreciated during Friday’s American session. USD/MXN dropped further below 18.00, to test 2018 lows.
Gold broke above $1,850 to the highest level in two weeks. Silver rose to $21.25, the strongest level since February 24. US yields pulled back further with the 10-year to 3.96%.
Technical Levels: Supports and Resistances
EURUSD currently trading at 104.5 at the time of writing. Pair opened at 104.98 and is trading with a change of -0.46 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 104.50 |
| 1 | Today Daily Change | -0.48 |
| 2 | Today Daily Change % | -0.46 |
| 3 | Today daily open | 104.98 |
The pair is trading above its 20 Daily moving average @ 104.0, above its 50 Daily moving average @ 103.37 , below its 100 Daily moving average @ 105.01 and below its 200 Daily moving average @ 106.82
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 104.00 |
| 1 | Daily SMA50 | 103.37 |
| 2 | Daily SMA100 | 105.01 |
| 3 | Daily SMA200 | 106.82 |
The previous day high was 105.18 while the previous day low was 104.34. The daily 38.2% Fib levels comes at 104.86, expected to provide resistance. Similarly, the daily 61.8% fib level is at 104.66, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 104.49, 103.99, 103.65
- Pivot resistance is noted at 105.33, 105.68, 106.17
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 105.18 |
| Previous Daily Low | 104.34 |
| Previous Weekly High | 105.32 |
| Previous Weekly Low | 103.76 |
| Previous Monthly High | 105.36 |
| Previous Monthly Low | 100.81 |
| Daily Fibonacci 38.2% | 104.86 |
| Daily Fibonacci 61.8% | 104.66 |
| Daily Pivot Point S1 | 104.49 |
| Daily Pivot Point S2 | 103.99 |
| Daily Pivot Point S3 | 103.65 |
| Daily Pivot Point R1 | 105.33 |
| Daily Pivot Point R2 | 105.68 |
| Daily Pivot Point R3 | 106.17 |
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