EUR/USD Catches A Ride On Broad-Market Greenback Weakness -

EUR/USD Catches A Ride On Broad-Market Greenback Weakness

Jun 24, 2024Jeremy ParkinsonFinance0

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EUR/USD recovered from last week’s downside but remains hung up on 1.0730.

As USD flows turned lower, Euro traders shrugged off a miss in German data.

Tuesday restricted to mid-tier releases and a fistful of central planner speeches.

EUR/USD drifted up in a mild recovery from last Friday’s dip into 1.0670. The new trading week is kicking things off with risk appetite firmly pinned higher, sending the US Dollar lower and bolstering the Euro as investors head into a relatively quiet Tuesday.Key economic data releases are relegated to later in the week, leaving traders to focus on statements from policymakers that dot the landscape until meaningful data releases kick off in the back half of the trading week. An update to US Gross Domestic Product (GDP) figures is slated for Thursday, with Friday rounding out the trading week with German Retail Sales and the latest update for US Personal Consumption Expenditure (PCE) Price Index inflation.Tuesday’s economic calendar is notably restrained, with an appearance expected from German central bank President Joachim Nagel. During Tuesday’s US market session, Federal Reserve (Fed) officials are expected to give several speeches, and central planners will likely lean into middling Fedspeak in echoes of Monday’s performances.German sentiment surveys broadly missed expectations early Monday, but Euro markets are flaunting downside EU figures to follow the broader market higher as risk appetite continues to pin to hopes of at least a quarter-point cut from the Federal Open Market Committee’s (FOMC) September 18 rate call. According to the CME’s FedWatch Tool, rate traders are pricing in around 70% odds of a 25 basis point rate trim from the Fed in September.

EUR/USD technical outlook
EUR/USD pulled higher after walking back last Friday’s dip into 1.0670, but bullish momentum hit a snag after intraday bids got hung up on the 200-hour Exponential Moving Average (EMA) at 1.0737. EUR/USD still remains on the low side on daily candles, with price action trading on the bearish side of the 200-day EMA at 1.0815.

EUR/USD hourly chart

EUR/USD daily chart

EUR/USD

OVERVIEW Today last price 1.0734 Today Daily Change 0.0041 Today Daily Change % 0.38 Today daily open 1.0693

TRENDS Daily SMA20 1.0795 Daily SMA50 1.0769 Daily SMA100 1.0796 Daily SMA200 1.0789

LEVELS Previous Daily High 1.0721 Previous Daily Low 1.0671 Previous Weekly High 1.0762 Previous Weekly Low 1.0671 Previous Monthly High 1.0895 Previous Monthly Low 1.065 Daily Fibonacci 38.2% 1.069 Daily Fibonacci 61.8% 1.0702 Daily Pivot Point S1 1.0669 Daily Pivot Point S2 1.0645 Daily Pivot Point S3 1.0619 Daily Pivot Point R1 1.0719 Daily Pivot Point R2 1.0745 Daily Pivot Point R3 1.0768

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