EUR/USD erases gains and drops back below 1.400 as US dollar recovers across the board

  • EUR/USD fails again around 1.1400 and drops back to the 1.1370 area. 
  • US dollar reverses across the board as equity prices move off highs. 

The EUR/USD pair peaked at 1.1408 after the release of the latest US economic report and then reversed sharply, falling 30 pips in an hour. It dropped to the 1.1370 area, erasing gains. 

The move to the downside took placed maid a rally of the US dollar across the board and a decline in Wall Street. The greenback is now among the top performer. The Dow Jones is still in positive territory (+0.20%) but lost more than a hundred points over the last hours. 

The greenback recovered strength despite weak US data. Numbers released today included the core PCE price index that stayed unchanged at 1.9% in December, while personal income and spending showed negative numbers. Also, the Manufacturing PM and the ISM came in below expectations. 

Higher US yields continue to support the US dollar. The 10-year is up for the third-day in-a-row and recently reached 2.75%, the highest level since January 29. 

Despite being unable to hold above 1.1400, EUR/USD heads for the second consecutive weekly gain. It is trading just below the 20-week moving average, as it continues to move sideways. 

EUR/USD weekly chart 

	EUR/USD erases gains and drops back below 1.400 as US dollar recovers across the board


    Today Last Price: 1.1378
    Today Daily change: 0.0005 pips
    Today Daily change %: 0.04%
    Today Daily Open: 1.1373
    Daily SMA20: 1.1349
    Daily SMA50: 1.1391
    Daily SMA100: 1.1389
    Daily SMA200: 1.1509
    Previous Daily High: 1.1422
    Previous Daily Low: 1.1359
    Previous Weekly High: 1.1373
    Previous Weekly Low: 1.1276
    Previous Monthly High: 1.1489
    Previous Monthly Low: 1.1234
    Daily Fibonacci 38.2%: 1.1398
    Daily Fibonacci 61.8%: 1.1383
    Daily Pivot Point S1: 1.1348
    Daily Pivot Point S2: 1.1322
    Daily Pivot Point S3: 1.1286
    Daily Pivot Point R1: 1.141
    Daily Pivot Point R2: 1.1447
    Daily Pivot Point R3: 1.1473


Please enter your comment!
Please enter your name here