• Latest
  • Trending
  • All
Pound corrects higher due to dollar weakness

Euro at fresh multi-month highs amid a weaker dollar

May 25, 2021 08:45
Equities struggle amid economic and China-related concerns

Equities struggle amid economic and China-related concerns

December 29, 2022 08:55
Dollar lacks upside momentum due to lower Treasury yields

Currencies stuck in ranges as New Year holiday looms

December 28, 2022 07:01
Stocks gain, dollar eases ahead of job market data

Dollar pressured by positive risk sentiment in thin markets

December 27, 2022 04:50
Dollar lacks upside momentum due to lower Treasury yields

Dollar tries to shrug off the pressure

December 26, 2022 05:13
Investors spooked by strong US data

Investors spooked by strong US data

December 23, 2022 11:55
Dollar lacks upside momentum due to lower Treasury yields

Dollar back under pressure after short-lived relief

December 22, 2022 05:17
Risk demand reemerges cautiously, but caution remains in place

Risk demand reemerges cautiously, but caution remains in place

December 21, 2022 08:49
Dollar lacks upside momentum due to lower Treasury yields

US dollar resists selling pressure

December 20, 2022 10:44
Market sentiment dented by recession fears

Market sentiment dented by recession fears

December 19, 2022 02:53
Dollar lacks upside momentum due to lower Treasury yields

Greenback stays on the defensive nearly across the board

November 16, 2022 05:34
Investor sentiment improves, but gains limited

Investor sentiment improves, but gains limited

November 15, 2022 05:46
Dollar lacks upside momentum due to lower Treasury yields

Dollar licks wounds after plunge

November 14, 2022 05:05
  • Terms & Сonditions
  • Contact
Tuesday, February 7, 2023
FWNews - pulse of the forex market
  • FUNDAMENTALS
    Equities struggle amid economic and China-related concerns

    Equities struggle amid economic and China-related concerns

    Stocks gain, dollar eases ahead of job market data

    Dollar pressured by positive risk sentiment in thin markets

    Investors spooked by strong US data

    Investors spooked by strong US data

    Risk demand reemerges cautiously, but caution remains in place

    Risk demand reemerges cautiously, but caution remains in place

    Market sentiment dented by recession fears

    Market sentiment dented by recession fears

    Investor sentiment improves, but gains limited

    Investor sentiment improves, but gains limited

    Risk sentiment keeps deteriorating, dollar climbs

    Stocks celebrate US inflation, dollar slumps

    Virus, US-China tensions hit global markets

    Market sentiment turns cautious amid events in the US

    Investors look indecisive ahead of another volatile week

    Investors look indecisive ahead of another volatile week

  • TECHNICALS
  • Interest Rates
  • Economic calendar
  • Backstage
No Result
View All Result
FWNews - pulse of the forex market
  • FUNDAMENTALS
    Equities struggle amid economic and China-related concerns

    Equities struggle amid economic and China-related concerns

    Stocks gain, dollar eases ahead of job market data

    Dollar pressured by positive risk sentiment in thin markets

    Investors spooked by strong US data

    Investors spooked by strong US data

    Risk demand reemerges cautiously, but caution remains in place

    Risk demand reemerges cautiously, but caution remains in place

    Market sentiment dented by recession fears

    Market sentiment dented by recession fears

    Investor sentiment improves, but gains limited

    Investor sentiment improves, but gains limited

    Risk sentiment keeps deteriorating, dollar climbs

    Stocks celebrate US inflation, dollar slumps

    Virus, US-China tensions hit global markets

    Market sentiment turns cautious amid events in the US

    Investors look indecisive ahead of another volatile week

    Investors look indecisive ahead of another volatile week

  • TECHNICALS
  • Interest Rates
  • Economic calendar
  • Backstage
No Result
View All Result
FWNews - pulse of the forex market
No Result
View All Result

Home » Euro at fresh multi-month highs amid a weaker dollar

Euro at fresh multi-month highs amid a weaker dollar

by Joseph Deen
May 25, 2021 08:45
in Technical analysis
0
Pound corrects higher due to dollar weakness

Now, as the common currency has settled above the 1.2200 figure, the euro bulls may target the 1.2300 next hurdle

EURUSD

EURUSD surged to fresh January highs in the 1.2260 area before paring gains slightly. The pair was last seen clinging to the upper end of the intraday range, however, as the dollar remains depressed across the board. Now, as the common currency has settled above the 1.2200 figure, the euro bulls may target the 1.2300 next hurdle if upbeat risk sentiment persists in the short term. On the downside, the immediate support now arrives at 1.2210, followed by the 1.2170-1.2160 area. If the pair corrects below this region, the ascending 20-DMA (today at 1.2130) will come back into market focus for the first time since mid-May. In the longer term, the outlook for the European currency remains bullish.

GBPUSD

GBPUSD turned marginally positive on Tuesday but still lacks momentum to challenge three-month highs seen late-last week at 1.4233. The pair now struggles to regain the 1.4200 figure despite dollar weakness, suggesting the cable could see a local downside correction in the short term before another rally towards fresh tops takes place. On the hourly timeframes, there are some bearish signs including a downside reversal in the RSI. Also, the pound has dipped under the 20-hour simple moving average in recent trading, which implies that the pair could stay below the 1.4200 handle for the time being. However, the pair remains bullish on the weekly charts.

USDJPY

USDJPY bounced from nearly two-week lows around 108.55 earlier in the day. As a result, the pair erased yesterday’s losses to turn positive on the day. However, the greenback still lacks momentum to overcome the 109.00 figure that represents the immediate target for USD bulls. Furthermore, the 20-DMA lies around this level, suggesting the pair could need an extra catalyst to overcome this resistance, especially as the dollar remains on the defensive nearly across the board. On the four-hour charts, the prices were last seen flirting with the key moving averages while the RSI was pointing north, pointing to a mixed technical picture in the immediate term.

USDCAD

USDCAD keeps clinging to the lower end of the trading range, threatening fresh six-year lows seen just above the 1.2000 figure last week. The fact that the pair struggles to stage a recovery despite the oversold conditions suggests the dollar could stay on the defensive in the short term at least. USDCAD was last seen changing hands around 1.2040, unchanged on the intraday charts. The prices need to overcome the 1.2100 handle in order to partially shrug off the selling pressure and retarget the descending 20-DMA that arrives in the 1.2155 today. On the weekly timeframes, the technical picture remains clearly bearish.

EURJPY

The cross climbed to February 2018 highs around 133.50 on Tuesday as the common currency derives support from a better risk sentiment that pushed the safe-haven yen lower. The pair retains a bullish tone during the European hours while the RSI has entered the overbought territory, suggesting further gains could be limited in the short term. However, the overall upbeat tone will likely stay intact as the prices are still steady above the ascending 20-DMA, today at 132.20. On the four-hour charts, the technical picture looks positive, with the RSI pointing north in the neutral territory while the prices have climbed back above the 20-SMA during the European hours.

Tags: EURJPYEURUSDGBPUSDUSDCADUSDJPY
Share3Tweet2
ADVERTISEMENT
Joseph Deen

Joseph Deen

Joseph is a technical analysis expert. A graduate of NYU, Joseph has a master's degree in mathematics. On FWNews, Joseph provides exchange rates reviews and forecasts.

Related Posts

Equities struggle amid economic and China-related concerns
Fundamental analysis

Equities struggle amid economic and China-related concerns

December 29, 2022 08:55
16
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Currencies stuck in ranges as New Year holiday looms

December 28, 2022 07:01
12
Stocks gain, dollar eases ahead of job market data
Fundamental analysis

Dollar pressured by positive risk sentiment in thin markets

December 27, 2022 04:50
12
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Dollar tries to shrug off the pressure

December 26, 2022 05:13
12
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Dollar back under pressure after short-lived relief

December 22, 2022 05:17
16
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

US dollar resists selling pressure

December 20, 2022 10:44
14

Leave Your Opinion Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Euro struggles below three-month highs, yen demand persists

Euro resumed the ascent, EURGBP at fresh highs

May 21, 2020 09:38
19

Federal Reserve announces FraudClassifier Model to help organizations classify fraud involving payments

June 18, 2020 02:10
10
Euro struggles below three-month highs, yen demand persists

Dollar demand picked up at the start of the week

May 11, 2020 04:28
15

Ads

Shneider Electric

Most Popular

A slow start to the week in FX markets
Technical analysis

Dollar regains ground to start the week

January 25, 2021 07:25
118
A slow start to the week in FX markets
Technical analysis

Greenback advances modestly amid strong data

May 28, 2021 07:38
110
Kim Jong Un reportedly says his nuclear weapons guarantee there will be no more war
News

Kim Jong Un reportedly says his nuclear weapons guarantee there will be no more war

July 28, 2020 08:29
95
FWNews

Copyright © 2022 FWNews

  • Terms & Сonditions
  • Contact
No Result
View All Result
  • FUNDAMENTALS
  • TECHNICALS
  • Interest Rates
  • Economic calendar
  • Backstage

Copyright © 2022 FWNews