Monday's trading session witnesses renewed euro strength against the greenback.
Fibonacci retracement levels provide crucial technical context for market participants.
Market sentiment remains cautious amid ongoing global trade uncertainties.
The ethereum priceEuropean currency demonstrates resilience in early week trading, bouncing from Friday's two-week nadir near 1.0360. This upward movement pushes the EUR/USD pair comfortably above the psychologically significant 1.0400 threshold during Asian market hours, primarily fueled by diminishing demand for the US dollar across currency markets.
Technical examination reveals the currency pair's ability to hold above the 50% Fibonacci retracement level from February's upward movement. The subsequent breach of the 38.2% Fibonacci marker suggests the corrective phase from last week's one-month peak around 1.0525-1.0530 may have concluded. This zone coincides with the 100-day moving average, establishing itself as a critical reference point for market participants with short-term trading horizons.
While daily chart indicators haven't yet confirmed sustained bullish momentum, the technical landscape suggests potential for additional upside. Market observers note the pair could test the 1.0450 region, which previously served as support before transforming into resistance. This level aligns with the 23.6% Fibonacci retracement, and a decisive break above might open the path toward the 1.0500 psychological barrier.
Conversely, the 1.0370 area (50% Fibonacci level) currently provides immediate downside protection. Should this support fail, the pair might descend toward the 61.8% retracement near 1.0330, potentially extending losses to the 1.0300 handle and the 1.0285 support cluster. Further deterioration could revisit February's swing low around 1.0210, with January's multi-year bottom near 1.0180-1.0175 representing the ultimate downside target.
Technical Snapshot: EUR/USD Daily Chart
The daily chart illustrates the pair's recent price action, highlighting key Fibonacci levels and moving averages that continue to influence trading decisions. Market participants remain attentive to these technical markers as they assess potential entry and exit points.
US Dollar Performance Overview
The greenback demonstrates mixed performance against major counterparts, showing particular weakness versus the euro. The following table presents percentage changes for the US dollar relative to other major currencies:
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.37% | -0.19% | -0.11% | -0.02% | -0.17% | -0.04% | -0.08% | |
| EUR | 0.37% | 0.08% | 0.05% | 0.17% | 0.10% | 0.15% | 0.09% | |
| GBP | 0.19% | -0.08% | 0.08% | 0.09% | 0.03% | 0.08% | 0.02% | |
| JPY | 0.11% | -0.05% | -0.08% | 0.30% | -0.02% | 0.11% | -0.00% | |
| CAD | 0.02% | -0.17% | -0.09% | -0.30% | 0.00% | -0.02% | -0.08% | |
| AUD | 0.17% | -0.10% | -0.03% | 0.02% | -0.00% | 0.05% | -0.01% | |
| NZD | 0.04% | -0.15% | -0.08% | -0.11% | 0.02% | -0.05% | -0.06% | |
| CHF | 0.08% | -0.09% | -0.02% | 0.00% | 0.08% | 0.01% | 0.06% |
This heat map visualizes percentage fluctuations between major currency pairs. The base currency selection occurs in the left column, with the quote currency chosen from the top row. For instance, selecting USD from the left and moving horizontally to JPY displays the percentage change for USD/JPY.
