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
Today Last Price: 1.1526
Today Daily change: -28 pips
Today Daily change %: -0.242%
Today Daily Open: 1.1554
Previous Daily SMA20: 1.1408
Previous Daily SMA50: 1.1381
Previous Daily SMA100: 1.1478
Previous Daily SMA200: 1.1635
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