The EUR/USD pair managed to erase all of its Wednesday's losses, and advanced up to 1.1319 so far today, consolidating above the 1.1300 level following the European opening. Dollar's weakness prevailed all through the Asian session, despite Japan was on holidays, with the JPY leading the way against the greenback, trading at levels last seen in October 2014. The negative sentiment towards the greenback continues, but is also supported by fresh 12-year lows in oil's prices and plummeting stocks.
There are no fundamental news scheduled for Europe, but later today, the US will release its weekly unemployment figures, while Janet Yellen will testify before the Congress for a second day, but is hardly expected to add anything new to its previous comments.
View the Live chart of the EUR/USD
Technically, the EUR/USD pair maintains the positive tone seen on previous updates, and is poised to extend its advance, as in the 4 hours chart, the technical indicators hold steady within positive territory, although lacking momentum at the time being. The 20 SMA in the mentioned chart, has extended its advance below the current price and offering an immediate support in the 1.1230/40 region.
A break beyond 1.1340, should see the pair extending up to 1.1385, while beyond this last, the rally can extend up to 1.1460, a major static resistance. Deeps are seen now as buying opportunities, down to the mentioned 1.1230 region, although below 1.1200, the downward corrective move can extend down to 1.1120.
Latest updates on the EUR/USD Forecast
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