Euro consolidates as US Dollar and Oil price dynamics dominate market sentiment
The EUR/USD started the week on shaky footing after gapping lower during the Asian session overnight, before managing to recover nicely along with everything else once Europe came online. There was little in the way of major economic data today, but markets reacted to a modest pullback in oil prices after their earlier surge.
The week begins slowly for the euro, as EUR/USD price action in the first sessions shows moves of only around 0.2%, lower than those seen at the end of last week, reflecting a lack of clear short-term direction.
Euro: Recovery against US Dollar targets key Fib level – Scotiabank
The Euro managed to break above the resistance level of the triangle formation to meet the first target at 1.8000. Resistance at 1.1800-35 caused a drop while supports at 1.1600 could create a trading zone.
Euro: Gains capped against US Dollar by weak data – ING
Intraday analysis covering EURUSD, XAGUSD grinding higher, and UK 100, focusing on short-term price action, key support and resistance levels, and intraday market momentum across major instruments. EURUSD seeking support The US dollar continued to lose ground against its main rival as prices surged to another peak.
US Dollar: Stablecoin shifts and Euro challenge – Rabobank
Range trading continues in EUR/USD and intraday bias remains neutral. Further rise is expected with 1.1642 support intact.
Looking at the 4-hour chart, the pair settled above the 1.1750 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). However, the bears are still active near the 1.1800 zone.
This weekly EUR/USD outlook article was written after the London close but before the close of play on Friday, and it was therefore subject to some potential volatility before the weekend. At the time of writing, the EUR/USD was trading near its session highs and was on track to post its second consecutive weekly gain after climbing back on Friday, despite the wobble on Thursday when the US and Iran exchanged strikes in the Strait of Hormuz.
EUR/USD: Recovery eyes full retracement – Scotiabank