EUR/USD holds steady below 1.2100, awaits Eurozone/US data

EUR/USD is flatlined below 1.2100, consolidating Tuesday’s sharp rebound from four-week lows of 1.1992. The bulls take a breather, gathering pace in o  |  03/03/2021 05:17
  • EUR/USD in a consolidative mode, eyeing for a big move above 1.21.
  • The US dollar holds the lower ground amid an upbeat market mood.  
  • Eurozone Services PMIs eyed ahead of the key US data flow.

EUR/USD is flatlined below 1.2100, consolidating Tuesday’s sharp rebound from four-week lows of 1.1992. The bulls take a breather, gathering pace in order to recapture the 1.21 level on a sustained basis.

The main currency pair is holding at higher levels, courtesy of the bearish tone seen around the safe-haven US dollar, as the risk tone remains upbeat amid vaccine and stimulus hopes.  

The greenback slipped from monthly tops on Tuesday after the risk sentiment recovered on retreating Treasury yields, which eased off the pressure on the Fed to act amid concerns about overheating of the economy.

On the euro-side of the story, the mixed Eurozone CPI data failed to deter the EUR bulls, as the dynamics around the yields and dollar remain the main market motor.

Attention now turns towards the Euro area Final Services PMIs ahead of the US ADP and ISM Services PMI releases for fresh trading impetus.

EUR/USD: Technical levels

“The immediate resistance is seen at 1.2139 (50-day SMA), followed by the Feb. 25 high of 1.2243. A daily close below the 100-day SMA, currently at 1.2024, would invalidate the bullish outlook,” FXStreet’s Analyst Omkar Godbole notes.

EUR/USD: Additional levels

 

 

Share

Popular News

Show More Popular News

Market Insight's Views

Market Insight analyses will provide both fundamental and technical comprehensions on FX
and other asset classes for Market Insight viewers

RISK WARNING

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

  • ForexF
  • IndicesI
  • CommoditiesC
        Back

        Login to Market Insight Account

        Your Market Insight account gives you access to the tools that we offer our customers including our
        Technical Studies & Sentiment for your accounts.

        Forgot Password?

        Don't you have a Market Insight account? With a few easy steps you can easily register to Market Insight

        Create a Market Insight's Account

        Your Market Insight account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.

        register_ty

        Thank you!

        Welcome to Market Insight family!

        You have succesfully completed the registration.
        We will send you an e-mail to give you some
        instructions and our Terms and Conditions!
        Our account representatives will be contacting you as
        soon as possible. If you have any further questions
        please do not hesitate to mail us via info@marketinsight.com