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22 Jun 2021

EUR/USD trims losses, hovers around 1.1900

  • EUR/USD bounces off daily lows in the 1.1880 region.
  • The German 10-year yields rose to the -0.16% area.
  • EMU’s flash Consumer Confidence, Powell come up next.

Following a drop to the 1.1880 region, or daily lows, EUR/USD now manages to regain some upside impulse and retakes the 1.1900 neighbourhood.

EUR/USD remains offered ahead of Powell

EUR/USD met some decent resistance in the 1.1920 zone earlier in the session, always amidst the re-emergence of the demand for the dollar.

In fact, the greenback regains the smile on Tuesday and forces EUR/USD to shed part of Monday’s positive move to levels above 1.1900 the figure. The so far pullback in the pair comes despite yields of the German 10-year benchmark climb to multi-week highs around -0.16%.

On Monday, Chief Lagarde said it is still too early to modify the bank’s policy, adding that any tightening of the monetary conditions could hamper the economic recovery in the bloc.

Later in the session, the European Commission will publish its advanced June’s Consumer Confidence, while Chairman Powell will testify on “The Federal Reserve’s Response to the Coronavirus Pandemic”.

What to look for around EUR

EUR/USD’s recovery lost momentum in the low-1.1900s for the time being. Price action around the pair is expected to exclusively follow the dollar dynamics, at least in the very near term and particularly after the latest FOMC event. In the meantime, support for the European currency comes in the form of auspicious results from fundamentals in the bloc coupled with higher morale, prospects of a strong rebound in the economic activity and the investors’ appetite for riskier assets.

Key events in the euro area this week: EMU Consumer Confidence (Tuesday) – EMU, Germany June flash PMIs – (Wednesday) – German IFO survey (Thursday) – German GfK Consumer Confidence, European Council meeting (Friday).

Eminent issues on the back boiler: Asymmetric economic recovery in the region. Sustainability of the pick-up in inflation figures. Progress of the vaccine rollout. Probable political effervescence around the EU Recovery Fund. German elections. Investors’ shift to European equities.

EUR/USD levels to watch

So far, spot is losing 0.14% at 1.1901 and a break below 1.1847 (monthly low Jun.18) would target 1.1835 (low Mar.9) and route to 1.1704 (2021 low Mar.31). On the other hand, the next up barrier lines up at 1.1992 (200-day SMA) followed by 1.2031 (100-day SMA) and finally 1.2064 (38.2% Fibo retracement of the November-January rally).

 

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