The EURUSD pair, trading at 1.08610, has increased to around 1.0860 as a result of the decline in the US Dollar Index (DXY).
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- EUR/USD trades higher around 1.0860 due to the retreating US Dollar Index (DXY).
The pair currently trades last at 1.08610.
The previous day high was 1.093 while the previous day low was 1.0833. The daily 38.2% Fib levels comes at 1.087, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0893, expected to provide resistance.
EUR/USD trims the previous day’s losses, trading higher around 1.0860 in the Asian session on Wednesday. The EUR/USD pair is experiencing modest strength due to a correction in the Greenback along with the declining United States (US) Treasury yields.
The Euro encountered pressure due to China’s economic challenges, yet any signals pointing to potential fiscal stimulus could offer support. EUR/USD traders are maintaining a cautious stance ahead of the upcoming releases of preliminary PMI data from the Eurozone, Germany, and the US later in the day.
The US Dollar Index (DXY), gauging the Greenback’s strength against six key currencies, showed its resilience by securing a gain on Tuesday. However, the downtick in the US Treasury yields and downbeat US housing data put pressure on the US Dollar (USD). At the time of writing, the DXY is trading sideways near the 103.50 mark.
US Existing Home Sales (YoY) declined 2.2% to the rate of 4.07M in July, compared to the expectations of 4.15M. The Richmond Fed Manufacturing Index improved in August from -9 to -7, the same as market expectations. The market participants will closely watch the upcoming Jackson Hole annual symposium starting on Thursday, followed by Fed Chair Powell’s speech scheduled to be held on Friday. These events will provide insights into the US economy, offering fresh impetus for placing trades in the EUR/USD pair.
Technical Levels: Supports and Resistances
EURUSD currently trading at 1.0862 at the time of writing. Pair opened at 1.0846 and is trading with a change of 0.15 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.0862 |
| 1 | Today Daily Change | 0.0016 |
| 2 | Today Daily Change % | 0.1500 |
| 3 | Today daily open | 1.0846 |
The pair is trading below its 20 Daily moving average @ 1.095, below its 50 Daily moving average @ 1.0982 , below its 100 Daily moving average @ 1.093 and above its 200 Daily moving average @ 1.0797
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.0950 |
| 1 | Daily SMA50 | 1.0982 |
| 2 | Daily SMA100 | 1.0930 |
| 3 | Daily SMA200 | 1.0797 |
The previous day high was 1.093 while the previous day low was 1.0833. The daily 38.2% Fib levels comes at 1.087, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0893, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 1.0809, 1.0772, 1.0711
- Pivot resistance is noted at 1.0907, 1.0967, 1.1004
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.0930 |
| Previous Daily Low | 1.0833 |
| Previous Weekly High | 1.0960 |
| Previous Weekly Low | 1.0845 |
| Previous Monthly High | 1.1276 |
| Previous Monthly Low | 1.0834 |
| Daily Fibonacci 38.2% | 1.0870 |
| Daily Fibonacci 61.8% | 1.0893 |
| Daily Pivot Point S1 | 1.0809 |
| Daily Pivot Point S2 | 1.0772 |
| Daily Pivot Point S3 | 1.0711 |
| Daily Pivot Point R1 | 1.0907 |
| Daily Pivot Point R2 | 1.0967 |
| Daily Pivot Point R3 | 1.1004 |
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