e

The common currency continues to show no progress against its American rival, with the pair confined to a tight range near is weekly low, set at 1.1070 this Thursday. The EUR/USD pair remained subdued during the Asian session as local share markets fell tracking previous Wall Street's decline, resulting also in a soft opening in European markets.

Data coming from Germany showed that in January, the index of producer prices for industrial products fell by 2.4% compared with the corresponding month of the preceding year, and by 0.7% compared to December 2015. The negative number is doing its share to keep the EUR subdued, but majors are for the most range bound, ahead of the release of US inflation figures, at the beginning of the American session. CPI is expected to have posted a tepid advance in January, which may bring some relief to the dollar. 

View the Live chart of the EUR/USD


The 4 hours chart, shows that the price is a few pips below its 20 SMA, while the technical indicators present tepid bearish slopes right below their mid-lines, lacking directional strength at the time being. Attempts to advance this week have met selling interest, and it will take some strong acceleration pass 1.1160 to see some upward momentum in the pair, which may result in a test of the 1.1200 region. Further gains are not seen, but the next resistance comes at 1.1245.

Renewed selling interest below the 1.1100 region should increase the downward pressure, and result in a decline towards the 1.1045 region, en route to 1.1000. 

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 drops below 1.0800 after German Retail Sales data

EUR/USD drops below 1.0800 after German Retail Sales data

EUR/USD has come under fresh selling pressure and trades below 1.0800 after the data from Germany showed that Retail Sales declined by 1.9% MoM in February. Resurgent US Dollar demand is adding to the downside in the pair. US data are next in focus. 

EUR/USD News

GBP/USD stays weak near 1.2600 amid market caution

GBP/USD stays weak near 1.2600 amid market caution

GBP/USD remains defensive near 1.2600 in European trading on Thursday. The hawkish tone from Fed Governor Christopher Waller keeps the US Dollar afloat amid a cautious trading environment ahead of key US data releases and the Good Friday trading lull. 

GBP/USD News

Gold price holds strength ahead of US core PCE inflation

Gold price holds strength ahead of US core PCE inflation

Gold price holds onto gains near $2,200 in Thursday’s European session. The precious metal exhibits firm footing ahead of the United States core PCE Price Index data for February, which will be published on Friday. 

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