Fresh US dollar selling re-energizes the EUR bulls, as risk-on persists. German Ifo – Upbeat across all indicators, underpins the bounce. Will it regain the 1.18 handle ahead of ECB Draghi’s speech? The offered tone around the greenback is seen growing bigger in the European session, now pushing the EUR/USD pair back towards the 1.18 handle, as a recovery in risk appetite weighs down on the demand for the safe-haven US dollar. The US dollar, when measured against a basket of major currencies, fell sharply from a high at 94.37 to now trade near daily lows of 94.09, down -0.11% on the day. The recovery in the European equities lifted the risk sentiment while Treasury yields also climbed higher across the curve. The common currency also received a fresh boost from better-than-expected German Ifo surveys, adding extra legs to the renewed upside in the spot. German Ifo business climate index eases to 103.7 in September, beats estimates However, markets remain doubtful whether the major would regain the 1.1800 level ahead of the ECB President Draghi’s testimony scheduled at 1300 GMT. Draghi is due to testify about the economy and monetary policy before the European Parliament Economic and Monetary Affairs Committee, in Brussels. EUR/USD Technical Levels Slobodan Drvenica at Windsor Brokers noted: Daily techs show MA’s in bullish setup and strong momentum, but RSI is flat and slow stochastic showing initial signs of reversal, together giving a mixed signal. Break of initial support at 1.1720 zone (former highs / rising 5SMA) would signal further easing and expose pivotal supports at 1.1683 (rising 10SMA) and 1.1660/55 (converging 100/20SMA), break of which would signal deeper pullback. The single currency is expected to track British pound, however, consolidation with lower pace could be expected ahead of Wednesday’s FOMC meeting which could generate stronger direction signal. Res: 1.1752; 1.1780; 1.1802; 1.1848. Sup: 1.1720; 1.1683; 1.1655; 1.1617.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Ripple lives up to the maximum what goes up must come down as XRP/USD loses over 8% FX Street 5 years Fresh US dollar selling re-energizes the EUR bulls, as risk-on persists. German Ifo - Upbeat across all indicators, underpins the bounce. Will it regain the 1.18 handle ahead of ECB Draghi's speech? The offered tone around the greenback is seen growing bigger in the European session, now pushing the EUR/USD pair back towards the 1.18 handle, as a recovery in risk appetite weighs down on the demand for the safe-haven US dollar. The US dollar, when measured against a basket of major currencies, fell sharply from a high at 94.37 to now trade near daily lows of 94.09, down -0.11%… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
