The EUR/USD pair bounces from a daily low set at 1.2428 after data showed European inflation matched expectations of 0.3% yearly basis, along with unemployment rate steady at 11.5%. But data is far from encouraging, as the EZ keeps hanging by a thread under the menace of deflation; would the ECB launch QE next week to fight against it, the EUR may finally feel some love yet chances are quite limited according con yesterday’s comments coming from Mario Draghi before the Finnish Parliament, suggesting that latest measures still need to work out.
From a technical point of view, the pair hovers around the 1.2440 level, right below its 20 SMA in the 4 hours chart and with indicators heading lower below their midlines which keeps the risk to the downside. Immediate support stands at the 1.2400 figure, where the pair has found intraday buying interest earlier in the week; a break below should then lead to a steady decline towards 1.2360 this year low. To the upside, the resistance to overcome is 1.2485, with a break above favoring an upward extension towards 1.2520/30 price zone.
View Live Chart for EUR/USD
From a technical point of view, the pair hovers around the 1.2440 level, right below its 20 SMA in the 4 hours chart and with indicators heading lower below their midlines which keeps the risk to the downside. Immediate support stands at the 1.2400 figure, where the pair has found intraday buying interest earlier in the week; a break below should then lead to a steady decline towards 1.2360 this year low. To the upside, the resistance to overcome is 1.2485, with a break above favoring an upward extension towards 1.2520/30 price zone.
View Live Chart for EUR/USD
Recommended Content
Editors’ Picks
AUD/USD: A tough barrier remains around 0.6800
AUD/USD failed to maintain the earlier surpass of the 0.6800 barrier, eventually succumbing to the late rebound in the Greenback following the Fed’s decision to lower its interest rates by 50 bps.
NZD/USD advances to near 0.6200 due to risk-on mood, Fed interest rate decision awaited
The NZD/USD pair edges lower to near 0.6200 during the early Asian session on Thursday. The recent GDP data revealed that New Zealand's economy shrank again in the second quarter, suggesting the depths of its economic malaise.
Gold surrenders gains and drops to weekly lows near $2,550
Gold prices reverses the initial uptick to record highs around the $$2,600 per ounce troy, coming under renewed downside pressure and revisiting the $2,550 zone amidst the late recovery in the US Dollar.
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%.
Ethereum could rally to $2,817 following Fed's 50 bps rate cut
Ethereum (ETH) is trading above $2,330 on Wednesday as the market is recovering following the Federal Reserve's (Fed) decision to cut interest rates by 50 basis points. Meanwhile, Ethereum exchange-traded funds (ETF) recorded $15.1 million in outflows.
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.