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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

EUR/USD

Overview:
    Today Last Price: 1.1447
    Today Daily change: -30 pips
    Today Daily change %: -0.261%
    Today Daily Open: 1.1477
Trends:
    Previous Daily SMA20: 1.1394
    Previous Daily SMA50: 1.1374
    Previous Daily SMA100: 1.148
    Previous Daily SMA200: 1.1643
Levels:
    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

 

EUR/USD Technical Analysis: Rally halted ahead of the 100-day SMA near 1.1480

EUR/USD daily chart                   EUR/USD Overview:     Today Last Price: 1.1447     Today Daily change: -30 pips     Today Daily
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