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29 Jul 2021

EUR/USD rises further to three-week highs, eyes 1.1900

  • US dollar extends slide across the board on risk appetite.
  • EUR/USD adds to recent gains, heads for best week since May.

The EUR/USD is rising for the fifth consecutive day on Thursday, boosted by a decline of the US dollar across the board. It is trading at 1.1890, at the highest level since July 6, on its way to the best week in three months.

During the American session, the US dollar dropped, further supporting the upside in EUR/USD. Economic data from the US contributed to the decline. Growth during the second quarter came in at 6.5%, below the 8.5% expected; initial jobless claims fell to 400K, a reading worse than consensus; and pending home sales declined 1.9% in June against expectations of a modest increase.

Economic figures added fuel to the slide of the greenback that started on Wednesday following the FOMC meeting. The DXY is down by 0.41%, at 91.90, the lowest level in a month. At the same time, US yields are hovering around recent levels. Equity prices are up in Wall Street. The Dow Jones gains 0.55% and the Nasdaq 0.45%. The risk-on environment weighs on the dollar.

The EUR/USD is looking at the 1.1900 area. Currently is testing the 1.1890 resistance area and a break higher should lead to further gains above 1.1900. The next resistance stands at 1.1920/25. The positive tone is likely to remain intact while above 1.1840; the next support is the 20-day moving average at 1.1820.

Technical levels

 

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