EUR/USD climbed to a two-week high just shy of 1.0840 on Tuesday after the US Dollar (USD) broadly fell before recovering in the US trading session after American markets returned to the fold following an extended weekend. EUR/USD reclaimed the 1.0800 handle for the first time in a week as the pair grapples with jump-starting a bullish recovery.
Markets are gearing up for the latest Meeting Minutes from the Federal Reserve’s (Fed) Federal Open Market Committee (FOMC). European markets are also buckling down for the wait to euro area Purchasing Managers Index (PMI) figures due on Thursday. The EUR/USD came within range of 1.0840 in Tuesday’s early recovery before paring back into the 1.0800 zone. The pair remains bolstered by the 200-hour Simple Moving Average (SMA) near 1.0760. The Fiber continues to grind out a near-term bullish recovery, but technical resistance continues to build as lower highs weigh.
EUR/USD remains trapped on the bearish side of the 200-day SMA at 1.0830, and the pair’s recent descent into 1.0700 represents the EUR/USD’s lowest bids since November. The pair is set for a fifth consecutive bullish close but is still down around 3% from December’s peak at 1.1140.
