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2 Feb 2021

EUR/USD: Recovery remains capped below 1.2100 ahead of Eurozone GDP

  • EUR/USD remains vulnerable despite a tepid bounce.
  • The euro fails to benefit from risk-on mood amid stimulus hopes.
  • Eurozone Preliminary GDP to show a contraction in Q4 2020.

EUR/USD is clinging onto the recovery gains under 1.2100, as the bears take a breather following Monday’s sell-off while awaiting the Eurozone Q4 Preliminary GDP release.

The US dollar is attempting a bounce from the Asian drop induced by the upbeat market mood, courtesy of the renewed US-China optimism and US stimulus hopes. President Joe Biden had a substantive and productive discussion with a group of the Republican senators late Monday, which lifted expectations of a likely fiscal stimulus deal alongside the risk sentiment.

Further, China called on the US to restore the diplomatic ties under Biden’s presidency, which further dragged the safe-harbor US dollar lower across the board. However, over the last hours, the greenback is finding its feet despite the rally in the S&P 500 futures.

On Monday, the main currency pair almost tested two-month lows at 1.2054 after the US dollar rallied on the back of the renewed optimism over the strength of the US economic recovery. Upbeat US ISM Manufacturing PMI data supported the upside in the buck. Meanwhile, the euro bulls failed to find comfort from the improvement in the Euro area manufacturing sector activity.

Attention now turns to the fundamentals, with the Eurozone GDP report next of note, as investors digest the recent retail-trading frenzy. However, the broad market sentiment and the US dollar price action could emerge as the main market drivers.

EUR/USD technical levels

“Even so, the latest recovery move may eye for the 1.2100 round-figure during further upside but the key SMA area near 1.2150-60 will be a tough nut to break for EUR/USD bulls. Meanwhile, a downside break of 1.2055 will direct the EUR/USD bears towards a 100-day SMA level of 1.1962. Though, the 1.2000 threshold can offer an intermediate halt during the fall,” FXStreet’s Analyst Anil Panchal notes.

EUR/USD additional levels

 

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