EUR/USD Forecast: Bearish below 1.2880


The EUR/USD extended its year decline to 1.2826 with the Asian opening, but managed to advance some afterwards, posting so far a daily high of 1.2867. Trading midrange, EUR traders await for Draghi speech in a couple hours, and any clue he may give on economic policy. Market expectations are on some comments over the result of the first round of TLTRO last week, and maybe a good bunch of criticism coming from German Bundesbank President Weidmann after the weekend statements. 

Risk on the pair remains to the downside, albeit Draghi’s wording can lift intraday volatility; technically, the 4 hours chart maintains the bearish tone with price well below a bearish 20 SMA now capping the upside around 1.2880, and momentum retracing from its midline after correcting oversold levels: some follow through above mentioned resistance may see price extending up to next resistance at 1.2920, where sellers are expected to defend the level. On the other hand, below 1.2810, the bearish continuation may extend quickly down to 1.2770, in route to 1.2740 critical midterm support.

View Live Chart for EUR/USD


e








Recommended Content


Recommended Content

Editors’ Picks

AUD/USD recovers further toward 0.6800 on risk-recovery

AUD/USD recovers further toward 0.6800 on risk-recovery

AUD/USD extends recovery toward 0.6800 in Asian trading on Thursday, despite mixed Australian employment data. The Aussie cheers a return of risk appetite, which weighs on the post-Fed US Dollar recovery. All eyes now remain on US economic data for fresh impetus. 

AUD/USD News
USD.JPY reverses sharply from 144.00, as US Dollar recovery fizzles

USD.JPY reverses sharply from 144.00, as US Dollar recovery fizzles

USD/JPY is attacking 143.00 in Thursday's Asian session, reversing sharply from 144.00. The pair pares back gains in tandem with the US Dollar, as the latter's post-Fed recovery falters due to a rebound in risk sentiment. The focus is next on the US data due later today and Friday's BoJ decision. 

USD/JPY News
Gold defends $2,550 in the Fed’s aftermath, ahead of US data

Gold defends $2,550 in the Fed’s aftermath, ahead of US data

Gold price is defending $2,550 early Thursday, catching a breath after intense volatility witnessed in the aftermath of the all-important US Federal Reserve monetary policy announcements and Fed Chairman Jerome Powell’s press conference.

Gold News
Bitcoin surges to $62,000 mark after 50 bps Fed rate cut

Bitcoin surges to $62,000 mark after 50 bps Fed rate cut

Bitcoin and Ripple eye for a rally as they break and find support around their resistance barrier. Meanwhile, Ethereum demonstrates signs of recovery as it approaches a critical resistance level, indicating that an upward rally could be on the horizon if it successfully breaks through.

Read more
Australian Unemployment Rate expected to hold steady at 4.2% in August

Australian Unemployment Rate expected to hold steady at 4.2% in August

The Australian Bureau of Statistics will release the monthly employment report at 1:30 GMT on Thursday. The country is expected to have added 25K new positions in August, while the Unemployment Rate is foreseen to remain steady at 4.2%.

Read more
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

Majors

Cryptocurrencies

Signatures