The common currency eases this Thursday, down to 1.0970 against the USD, after being as high as 1.1042 late Wednesday. The dollar is seeing some limited demand after yesterday's slump, but maintains a weak tone across the board. There is no fundamental data scheduled in the EU, and markets' attention will center in the UK and the BOE economic monthly meeting.
Later on the day, the US will release some minor figures, which therefore anticipates some continuation of the ongoing EUR/USD positive tone, at least until next week, when the FED will have its economic policy meeting.
View the Live chart of the EUR/USD
In the meantime, the 4 hours chart shows that the 20 SMA has extended its advance beyond the 38.2% retracement of the latest monthly decline, and stands now around 1.0910. In the same chart, the technical indicators are retreating from oversold territory, and present bearish slopes well above their mid-lines, in line with a downward continuation towards the 1.0950 price zone the immediate support. If the level holds, the pair will likely recover up to 1.1000, while a break above this last should favor a retest of the 1.1045 region. Below 1.0950 on the other hand, the price will like slid down to the mentioned 1.0910 level.
Latest updates on the EUR/USD Forecast
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