EUR/USD Current price: 1.1065
- US data generally encouraging, market players ignoring it.
- EUR/USD unable to find a clear direction, but risk skewed to the upside.
The EUR/USD pair is trading higher this Monday, pressuring weekly tops, although lacking clear directional strength. The pair recovered after bottoming at 1.1013 post-Fed’s decision, now trading around 1.1070. So far, the weekly high has been set at 1.1086. The market seems to have finished digesting the Fed’s hawkish rate cut, which gave a slight advantage to the greenback. The shared currency, on the other hand, is finding support in a better market mood, and news indicating that France will introduce some fiscal stimulus.
The EU released this Thursday it’s July Current Account, which was up to €20.55B seasonally adjusted, slightly better than anticipated. The US has just unveiled Initial Jobless Claims for the week ended September 13, which came in at 208K better than the 213K expected, although the previous week was upwardly revised by 2,000 to 206K. The Current Account posted a larger-than-anticipated deficit of $128.2B in Q2, while the Philadelphia Fed Manufacturing Survey beat the market’s expectation by printing 12, although below the previous 16.8. Pending of release is the Existing Home Sales report for August.
EUR/USD short-term technical outlook
The EUR/USD pair is offering a neutral-to-positive stance, as, in the 4 hours chart, it is again trading within moving averages, with the 20 and 100 SMA converging below the current level and the 200 SMA at around the mentioned weekly high. Technical indicators in the mentioned chart hold in positive territory, but lack directional strength. The mentioned 200 SMA has contained the post-ECB rally, being an immediate resistance ahead of the 1.1120 price zone. The downside seems well limited by intraday buyers aligned around the 1.1000/10 price zone.
Support levels: 1.1045 1.1005 1.0960
Resistance levels: 1.1085 1.1120 1.1160
View Live chart for the EUR/USD
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800, as traders lack directional impetus amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold ends Q1 2024 at record highs, what’s next?
Gold is sitting at an all-time high of $2,236, lacking a trading impetus amid holiday-thinned conditions on Good Friday. Most major world markets, including the United States are closed in observance of Holy Friday, leaving volatility around Gold price highly subdued.
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple price has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days.
US core PCE inflation set to ease in February on month as Federal Reserve rate cut bets for June mount
The core Personal Consumption Expenditures Price Index is set to rise 0.3% MoM and 2.8% YoY in February. The revised Summary of Projections showed that policymakers upwardly revised end-2024 core PCE forecast to 2.6% from 2.4%.