e

Market's were on pause during the Asian session, following a risk aversion-dominated Tuesday, in which the EUR/USD pair soared to 1.1337. The negative sentiment among investors surged earlier in the week as stocks plummeted, but was fueled by oil prices, as the US benchmark fell briefly below $28.00 a barrel during the American afternoon, before recovering some cents. Nevertheless, the commodity remains under pressure and will likely keep leading markets' movements.

Later today, FED's Chair, Janet Yellen, will deliver her semiannual report on monetary policy in testimony before the House Financial Services Committee and the Senate Banking Committee, and for the most she is expected to take a dovish stance, offering little hopes for a soon-to-come rate hike, which means the dollar will likely remain under pressure, as she will likely acknowledge ongoing worldwide financial turmoil.

View the Live chart of the EUR/USD


Technically, the 4 hours chart shows that the pair is extending its retracement from the mentioned high, but the movement seems barely corrective, as the price is well above a bullish 20 SMA, whilst the technical indicators are beginning to retrace from overbought territory. The ongoing downward correction can extend now down to 1.1215, with a break below this level, most likely pointing for a test of the 1.1160. If the dollar strengthens further, 1.1120 is the next bearish target.

A recovery above 1.1290 on the other hand, will likely result in a retest of the mentioned daily high, while an extension above it, will result in an extension towards the 1.1360/80 region.

Latest updates on the EUR/USD Forecast

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended Content


Recommended Content

Editors’ Picks

EUR/USD stabilizes near 1.0800 as trading action turns subdued

EUR/USD stabilizes near 1.0800 as trading action turns subdued

EUR/USD holds steady near 1.0800 on Thursday and remains on track to end the day in negative territory following upbeat macroeconomic data releases from the US. The action in financial markets turn subdued as trading volumes thin out heading into Easter holiday.

EUR/USD News

GBP/USD extends sideways grind above 1.2600

GBP/USD extends sideways grind above 1.2600

GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth help the USD stay resilient against its rivals and limits the pair's upside.

GBP/USD News

Gold pulls away from daily highs, holds above $2,200

Gold pulls away from daily highs, holds above $2,200

Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays near 4.2% after upbeat US data and makes it difficult for XAU/USD to gather further bullish momentum.

Gold News

XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC

XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC

XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase. 

Read more

Portfolio rebalancing and reflation trades emerge into Q2

Portfolio rebalancing and reflation trades emerge into Q2

Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.

Read more

Majors

Cryptocurrencies

Signatures