EUR/USD jumps to test 2017 tops

19 May, 2017

EUR/USD jumps to test 2017 tops

The US dollar continues to get battered by its European counterpart so far this session, with EUR/USD now flirting with daily tops of 1.1164, as the bulls now target 1.1172 - 2017 tops on its way to conquer 1.12 handle.

EUR/USD sees a 60-pips rally in Europe

The EUR/USD pair almost reversed yesterday’s entire slide and now consolidates near half-yearly highs, as the USD bears remain in command across the board, despite a sharp rally seen in treasury yields.

A renewed risk-on wave gripped Europe, sending the European equities higher in tandem with the US yields, in the wake of a rally in oil prices. Hence, it appears that markets have looked past political uncertainty surrounding the Trump administration.

Meanwhile, better-than expected Eurozone current account and German PPI data also keeps the sentiment around the shared currency underpinned. European Monetary Union Current Account s.a above forecasts (€32.3B) in March: Actual (€34.1B)

EUR/USD Technical Levels

Valeria Bednarik, Chief Analyst at FXStreet notes: “The bullish stance is clear intraday as in the 4 hours chart, technical indicators resumed their advances after correcting extreme overbought readings. The Momentum is bouncing strongly from its 100 level, whilst the RSI indicator is heading north around 71. In the same chart, a bullish 20 SMA contained declines, now around 1.1105.”

“Above the mentioned high, the pair has scope to advance up to 1.1210, en route to 1.1260, a major long term resistance, while dips towards the 1.1080/1.1100 region will likely attract buying interest,” Valeria adds.


Source link   Presented by HYCM

EUR/USD off 2-month lows

Holds above 1.2150 as USD eases-off three-month tops. ECB decision to provide fresh direction to the common currency. The EUR/USD pair enjoys...

EUR/USD drops further

EUR weakness accelerates and drags the pair to lows near 1.2300. USD firmer, tests and surpasses the critical 90.00 mark. Chicago Fed C.Evans due to speak later...

EUR/USD clinches fresh tops near 1.2370

Further USD-weakness is propping up the bull run to 1.2370. DXY threatens to re-visit recent lows in the 89.60/50 band. US Retail Sales...


EUR/USD moves to session tops

The pair is now advancing further to fresh daily highs, extending at the same time the rebound from yesterday's lows in the 1.2300 neighbourhood backed by a wave...

US Dollar pushes higher near 90.60

The index is navigating the 90.50/60 band, or 5-week tops. US 10-year yields remain sidelined around 2.82%. US Non-farm Payrolls, wage inflation...

Strong US GDP supported dollar

For two days, USD dollar looks stronger. Today, US currency continues to recover its positions on good statistical data. On the contrary, European currency...


EUR/USD grinding lower to 1.2200

While EUR edged below last Friday’s 1.2259 low, it recovered without testing the strong 1.2240 support. The rebound from a low of 1.2256 appears...

EUR/USD flirting with lows

EUR continues to be weighed down by Draghi's dovish tone. A modest USD recovery adds to the downward pressure. Follow-through selling...

Market forms a small upward correction

EUR/USD The market forms a small upward correction wave (B), which is part of the descending zigzag (A) - (B) - (C). The probability that soon...

  


Share: