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EUR/USD corrects lower towards 1.1500 as USD stages comeback

  • Risk-off action lifts the USD demand, knocks-off EUR/USD lower.
  • All eyes on ECB minutes, Fed Chair Powell’s speech for further impetus.

The EUR/USD pair reached three-month tops at 1.1571 and from there embarked upon a corrective move lower, as the bulls look to test the 1.1500 level amid resurgent US dollar demand across the board.  

Focus on ECB minutes

The spot quickly eroded 50-pips and now consolidates near the daily lows of 1.1520, as the USD bulls moved past the dovish FOMC minutes and jumped back onto the bids amid widespread risk-aversion, spurred by the waning optimism over the US-China trade talks and Fed pause risks.

Also, markets turned nervous heading into the release of the ECB December monetary policy meeting minutes that could underscore the European economic growth concerns, scaling back the odds of a 2019 ECB rate hike.

Also, of note remains the speeches due on the cards by the Federal Reserve (Fed) officials later today, with the key focus likely to be on the Fed Chair Powell’s speech, which could stir another leg lower in the buck.

EUR/USD Technical Levels

EUR/USD

Overview:
    Today Last Price: 1.1526
    Today Daily change: -28 pips
    Today Daily change %: -0.242%
    Today Daily Open: 1.1554
Trends:
    Previous Daily SMA20: 1.1408
    Previous Daily SMA50: 1.1381
    Previous Daily SMA100: 1.1478
    Previous Daily SMA200: 1.1635
Levels:
    Previous Daily High: 1.1558
    Previous Daily Low: 1.1435
    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%: 1.1511
    Previous Daily Fibonacci 61.8%: 1.1482
    Previous Daily Pivot Point S1: 1.1473
    Previous Daily Pivot Point S2: 1.1392
    Previous Daily Pivot Point S3: 1.135
    Previous Daily Pivot Point R1: 1.1597
    Previous Daily Pivot Point R2: 1.1639
    Previous Daily Pivot Point R3: 1.172

 

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