EUR/USD rebounds above 1.0970 from weekly lows after US data – by MSalordFX EURUSD Currencies Majors
The FOMC meeting kicks off, with a 25 basis points rate hike already priced in.erased losses after the release of US economic data, rising from its weekly lows to levels above 1.0970. The pair is now flat for the day, ending a three-day negative streak, ahead of crucial central bank meetings.The final reading of US Factory Orders showed a rise of 0.9% in March, slightly above the market consensus of 0.8%. The JOLTS report showed that"the number of job openings decreased to 9.
is up for the day, trading at 102.25. US yields have plunged to new lows, with the US 10-year yields falling to 3.47% and the 2-year to 4.04%. Attention now turns to the central banks. The FOMC will announce its decision on Wednesday, with a 25 basis point rate hike already priced in, while will have its meeting on Thursday. Prior to the FOMC, ADP will release its employment report on Wednesday.currently holds a bearish bias in the short term and is challenging an important support level around 1.0950. It bottomed on Tuesday at 1.0941, the lowest level since April 21, but has since bounced back toward 1.0980.
If the Euro recovers levels above 1.0970, it could change the intraday bias to positive; resistance levels above are located at 1.0990 and 1.1005. Under 1.0950, further weakness seems likely, with the next crucial support level at 1.0930.
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