The EUR/USD pair lost some ground during the first hours of this Wednesday, down to 1.1241 early Europe as stocks opened with a soft positive tone.
In Europe, the only macroeconomic release was the Producer Price Index for July that matched expectations of -0.1%, whilst year-to-year resulted at -2.1%. Later on in the day, the US will release the private ADP survey, probably the most relevant figure of the day.
View live chart of the EUR/USD
In the meantime, the technical picture is neutral, with the pair hovering around the 61.8% retracement of its latest rally, around 1.1280, having found some intraday selling interest on spikes beyond 1.1300. The 4 hours chart shows that the 20 SMA stands flat around the mentioned daily low, whilst the technical indicators lack directional strength around their mid-lines.
Should the price recover above 1.1300, the pair may advance up to the 1.1340/60 price zone, although stronger gains seem unlikely for today. Below the daily low on the other hand, the decline can extend down to 1.1180 a strong static support level.
Latest updates on the EUR/USD Forecast
Recommended Content
Editors’ Picks
AUD/USD holds above 0.6500 in thin trading
The Australian Dollar managed to recover ground against its American rival after AUD/USD fell to 0.6484. The upbeat tone of Wall Street underpinned the Aussie despite broad US Dollar strength and tepid Australian data.
EUR/USD comfortable below 1.0800 lower lows at sight
The EUR/USD pair lost ground on Thursday and settled near a fresh March low of 1.0774. Strong US data and hawkish Fed speakers comments lead the way ahead of the release of the US PCE Price Index on Friday.
Gold price finishes Thursday’s session set to reach new all-time highs
Gold price rallied during the North American session on Thursday and hit a new all-time high of $2,225 in the mid-North American session. Precious metal prices are trending higher even though US Treasury yields are advancing, underpinning the Greenback.
Bitcoin price extends retreat from $69K as old whales shift their holdings to new whales
Bitcoin price continues to move further away from the $69,000 threshold, gaining ground as BTC bulls hope for a retest of the $73,777 peak. This is because of the general assumption that clearing this blockade would set the tone for a reach higher, marking a new all-time high.
Bears have been standing before a steamroller so far this year
Despite a pushback on rate cuts from Christopher Waller, and what was supposed to be cautious trading sentiment ahead of critical US inflation data released later on Friday, the S&P 500 rose on Thursday, marking its best first-quarter performance in five years.