EUR/USD soars to one-month high, US rate correction weighs on the Dollar

The EUR/USD rose sharply; Monday, marking a high at 1.0688 at the highest since September 20, more than a month ago, the currency pair benefiting from a clear decline in the Dollar.

The greenback indeed seems affected by the decline. by a correction on US rates, the rate at 10 years having gone back down to 4.84% at the time of writing this article, after having exceeded the 5% (5.02%) for the first time since 2007 during the day yesterday.

If the key threshold is reached 5% was a good opportunity. to take profits, the correction of US rates was also This was helped by Bill Ackman covering his short bond position out of concern that the economy was not as strong as it appeared, which was the subject of much publicity. cover.

As for today, the rise in the EUR/USD will be tested by the publication of the preliminary European PMI indices for the month of October, including those of the zone euro, at 10 a.m.

>> Find all the important statistics for EUR/USD and their results in real time in the economic calendar!

However, we will have to wait until later in the week for the most important events, with the ECB meeting and preliminary US GDP on Thursday.

Technical thresholds at watch on EUR/USD

From a graphical point of view, we will note that the increase displayed by the EUR/USD on Monday allowed it to cross the resistance of 1.0640, which is required ;now immediate support.

In the event of continued rise, the next objectives will be the psychological threshold of 1.07, the resistance of 1.0770, the threshold of 1.08, and the convergence of the 100 and 200 day MAs at 1.0816-1.0823.

In case of correction and return below the support of 1.0640, 1.06, 1.05 and the yearly low of 1.0450 will be the first supports to be seen; take into account.

EUR/USD soars to a one-month high, US rate correction weighs on the Dollar  

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