Market Analysis

Technical analyses: EURUSD confirms new support above 1.19

This was an interesting week for EUR/USD that pooled back above 1.19 at the beginning of the week. Conformation filed with retest above this level still made traders taking advance of bullish trades on Friday. EUR/USD is stabilizing as US yields are off their highs and the market mood is marginally better. 

The EURUSD pair spent most of the day trading a handful of pips below the 1.1900 level, confined to a tight 60 pips range. This was a great update knowing that at the beginning of the week market players kept looking at USTreasury yields for a direction that gave a clear sign that 1.19 is newly found support for future trading strategy.

There has been plenty of Eurozone related news to keep up with on Friday; Industrial Production data for January was much stronger than expected, but pandemic news has been bad (concerns in France and Germany about a coming third wave and Italy going back into lockdown) and the ECB is leaking sources to the press like there is no tomorrow (though nothing overly important was leaked on Friday, with the ECB essentially just coming across as frustrated by the slow pace of implementation of the EU Recovery Fund).