EUR/USD leaps to fresh tops

9 November, 2017

Spot jumped to daily highs beyond 1.1640.
Doubts on the US tax reform keep weighing on USD.
Up move decoupled from US 10-year yields so far.

A bout of buying interest around the shared currency pushed EUR/USD to the area of fresh tops in the 1.1640/45 band.

EUR/USD focused on US tax reform

The pair quickly climbed to fresh 4-day tops in the 1.1640 area, as market participants remain sceptics about the US tax reform proposed by the White House. It is worth mentioning that Republicans should shed more light on the proposed reform later in the day.

The greenback suffered the impact and quickly sent the US Dollar Index (DXY) to fresh 4-day lows in the 94.60/55 band, despite yields of the key US 10-year reference are testing tops beyond the 2.33% level and yields of the 2-year note keep navigating the upper end of the range.

In the same direction, yields of the German 10-year Bund leapt to fresh tops in the boundaries of the 0.38% level, while the stock benchmark DAX plummeted to lows near 13,250 pts.

Ahead in the session, US initial claims are next on tap seconded by wholesale inventories, both prints unlikely to be market movers in light of expectations over the US tax reform.

EUR/USD levels to watch

At the moment, the pair is up 0.34% at 1.1636 and a breakout of 1.1692 (high Nov.3) would target 1.1706 (21-day sma) en route to 1.1736 (38.2% Fibo of the 2014-2017 drop). On the flip side, the next support emerges at 1.1555 (low Nov.7) seconded by 1.1448 (high Jun.30) and finally 1.1280 (200-day sma). On the upside, Furthermore, FXStreet’s Technical Confluences Indicator (TCI) is noting an important resistance zone in the vicinity of 1.1620, where sit a pivot point, the 5-day sma, recent highs and a Fibo retracement.


Source   Presented by HYCM
Euro declines on the back of risk aversion30 Jun, 2020  

On Monday the 29th of June, trading on the euro closed up. The EURUSD pair rose by 0.22% to reach 1.1241. Trading on the US stock market closed up...

EURUSD holding steady below the balance line25 Jun, 2020  

Considering that our pair has dropped from 1.1349 to 1.1236 without any pullbacks, the current momentum should be enough to take it to the 112th degree...

EURUSD: bulls planning to test 1.130023 Jun, 2020  

On Monday the 22nd of June, trading on the euro closed up. The single currency rose to 1.1270 against the dollar. Investors seemed to have forgotten about...


Euro struggles against Dollar; Gold wobbles18 Jun, 2020  

The Euro remains trapped in a fierce battle against an unyielding Dollar with prices trading marginally below 1.1250 as of writing...

EURUSD: continued flat to around 1.130010 Jun, 2020  

The EURUSD pair was held up by the yen, which rose by 1.04% to reach 108.43 against the dollar. The yen is considered a safe haven asset, so investors...

EURUSD: markets await Lagarde speech5 Jun, 2020  

Trader attention is turned towards the ECB meeting and the following press conference with Christine Lagarde. Interest rates are expected to be maintained...


EURUSD: continued growth expected21 May, 2020  

The promising results of COVID-19 vaccine trials have reduced demand for the safe haven assets. The majors are trading up against the dollar...

EURUSD: expected rebound from the lower line14 May, 2020  

The pair rose to the balance line as expected. At the time of writing, the euro is trading at 1.0807. The majors are currently trading down...

Bulls trying to strengthen the upwards impulse11 May, 2020  

Before the recovery, we got a double bullish divergence model. This should see a bounce to 1.0926. If we assume that we're going to get a flat, then this is the model...