The EUR/USD pair extends its consolidative stage this Tuesday, confined to a 40 pips range, ever since the day started. The pair fell to a fresh low of 1.0931 early Asia, but got a boost from the RBA decision to hold rates unchanged in Australia, which resulted in a 100 pips in the AUD/USD, dragging the USD lower across the board.
Early Europe, the pair traded around the 1.0960/70 price zone and the release of the EU PPI figures for June, showed that deflation continues to hit the region, as monthly basis, the producer price index fell 0.1% against previous 0.0%. Yearly basis, it met expectations falling 2.2% against May reading of -2.0%. The data should keep the upside limited, as well as the weak tone in local share markets.
View live chart of the EUR/USD
Technically, the 4 hours chart presents quite a neutral stance, with the price a handful of pips above a bearish 20 SMA, and the technical indicators hovering around their mid-lines, neutral. Should the price advance beyond the 1.1000 level, the outlook will be more upside-constructive, with chances then of an extension up to the 1.1040/50 price zone.
The immediate support comes at 1.0920 with a break below it favoring a quick test of the 1.0880 level, ahead of the 1.0850 price zone.
Latest updates on the EUR/USD Forecast
Recommended Content
Editors’ Picks
EUR/USD extends gains above 1.0700, focus on key US data
EUR/USD meets fresh demand and rises toward 1.0750 in the European session on Thursday. Renewed US Dollar weakness offsets the risk-off market environment, supporting the pair ahead of the key US GDP and PCE inflation data.
USD/JPY keeps pushing higher, eyes 156.00 ahead of US GDP data
USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, recapturing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming intervention risks. The focus shifts to Thursday's US GDP report and the BoJ decision on Friday.
Gold price edges higher amid weaker USD and softer risk tone, focus remains on US GDP
Gold price (XAU/USD) attracts some dip-buying in the vicinity of the $2,300 mark on Thursday and for now, seems to have snapped a three-day losing streak, though the upside potential seems limited.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price.
US Q1 GDP Preview: Economic growth set to remain firm in, albeit easing from Q4
The United States Gross Domestic Product (GDP) is seen expanding at an annualized rate of 2.5% in Q1. The current resilience of the US economy bolsters the case for a soft landing.