EUR/USD off-lows, re-takes 1.1450 amid a rally in German yields
- Bulls rescued by narrowing US-German 10-year yield spread.
- Germany November industrial production came in at -1.9% vs +0.3% m/m expected.
- Focus on Eurozone confidence numbers and US trade figures.
The EUR/USD pair is seen staging a tepid recovery from 1.1434 session lows and regains the 1.1450 barrier, as the bulls moved past the downbeat Eurozone industrial output data and focussed on the rally in the German yields.
The latest uptick in the spot can be mainly attributed to narrowing spread between the US and German 10-year government bond yields, as the latter extends its recovery mode into the fourth day and hits weekly tops near 0.243%, up +10% on the day. Meanwhile, the 10-year Treasury yields are seen consolidating near the 2.70 level.
However, the recovery appears limited by broad-based US dollar strength while disappointing German industrial production numbers could also continue to undermine the sentiment around the common-currency.
Markets now look forward to a string of consumer confidence/ sentiment figures from the Euroland for the next push higher, as a break above the 100-DMA placed near 1.1480 still remains elusive heading into the FOMC minutes due tomorrow.
EUR/USD Technical Levels
Today Last Price: 1.1447
Today Daily change: -30 pips
Today Daily change %: -0.261%
Today Daily Open: 1.1477
Previous Daily SMA20: 1.1394
Previous Daily SMA50: 1.1374
Previous Daily SMA100: 1.148
Previous Daily SMA200: 1.1643
Previous Daily High: 1.1484
Previous Daily Low: 1.1396
Previous Weekly High: 1.1586
Previous Weekly Low: 1.1309
Previous Monthly High: 1.1486
Previous Monthly Low: 1.1269
Previous Daily Fibonacci 38.2%: 1.1451
Previous Daily Fibonacci 61.8%: 1.143
Previous Daily Pivot Point S1: 1.1421
Previous Daily Pivot Point S2: 1.1365
Previous Daily Pivot Point S3: 1.1333
Previous Daily Pivot Point R1: 1.1509
Previous Daily Pivot Point R2: 1.1541
Previous Daily Pivot Point R3: 1.1597