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EUR/USD rises back above 1.0000, remains sideways

  • US dollar loses momentum amid a noticable difference in risk sentiment.
  • Wall Street turns green, US yields modestly off highs.
  • EUR/USD continues to consolidate prior to the FOMC meeting.

The EUR/USD rose following the start of the American session and recently climbed to at least one 1.0017, before pulling back again to the parity area. It really is posting modest losses on Monday, since it continues to trade in a variety.

The move higher in EUR/USD occurred amid a little retreat of the united states dollar as Wall Street indexes turned positive. US yields are off highs but nonetheless near multi-year highs prior to the FOMC meeting on Wednesday.

THE UNITED STATES central bank is likely to raise interest levels by 75 basis points on Wednesday. The mix of an aggressive Fed and a cautious tone among investors regarding signs of a worldwide economic slowdown supportthe greenback. The repricing of Fed tightening risks will probably keep carefully the dollar bid over the board near-term.Once we said in this latest dollar correction lower, nothing has really changed fundamentally and the global backdrop continues to favor the dollar and U.S. assets generally,explained analysts at Brown Brother Harriman.

Range prevails

The EUR/USD continues to trade round the parity level, since it have been the case since last Wednesday. A rest above 1.0030 should fortify the euro, while on the other hand, the critical support may be the 0.9950 area. A company break under 0.9950 would expose another support at 0.9910. Another support is 0.9870, the final defence to fresh multi-year lows.

Technical levels

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