- Broad US dollar selling amid risk-on aids the EUR/USD rebound.
- Risks corrective rally above 1.1600 as technical setup favors upside on intraday charts.
- Eyes on USD dynamics ahead of the US JOLTS job openings data.
The EUR/USD pair found fresh buyers once again at the midpoint of the 1.15 handle and staged a solid comeback in early dealings, as a positive start on the European equities markets boosted risk-appetite and knocked-off the greenback across the board. The US dollar index turned negative to now trade near 95.20 levels, down from daily highs at 95.37.
Meanwhile, the spot remained unfazed by a sharp decline in the German industrial output, as it was negated by the upbeat trade surplus and current account data. German industrial production fell -0.9% over the month in June while increasing 2.5% y/y.
In the day ahead, in absence of any fundamental drivers from Euroland, the pair will continue to get influenced by the USD price-action amid persistent US-China trade tensions.
EUR/USD Technical Levels
According to the AceTrader Team, “despite Euro's resumption of recent decline to a 1-month trough at 1.1530 due to broad-based USD’s strength yesterday, loss of momentum should keep price above Jun's 11-month trough at 1.1509 and bring a much-needed correction later today or tomorrow. On the upside, a daily close above 1.1611 signals temporary low is in place and brings stronger retracement towards 1.1648/58.”
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
Editors’ Picks
EUR/USD hovers near 1.0700 even as USD struggles ahead of data
EUR/USD has erased gains to trade flat near 1.0700 in the European session on Thursday. The pair comes under pressure even as the US Dollar struggles, in the aftermath of the Fed policy announcements and ahead of more US employment data.
GBP/USD turns south toward 1.2500, US data eyed
GBP/USD is consolidating the rebound above 1.2500 in European trading on Thursday. The pair struggles, despite the US Dollar weakness on dovish Fed signals. A mixed market mood caps the GBP/USD upside ahead of mid-tier US data.
Gold price pulls back as market sentiment improves
The Gold price is trading in the $2,310s on Thursday after retracing about three-tenths of a percent on reduced safe-haven demand. Market sentiment is overall positive as Asian stocks on balance closed higher and Oil prices hover at seven-week lows.
Top 3 Price Prediction BTC, ETH, XRP: Altcoins to pump once BTC bottoms out, slow grind up for now
Bitcoin reclaiming above $59,200 would hint that BTC has already bottomed out, setting the tone for a run north. Ethereum holding above $2,900 keeps a bullish reversal pattern viable despite falling momentum. Ripple coils up for a move north as XRP bulls defend $0.5000.
Happy Apple day
Apple is due to report Q1 results today after the bell. Expectations are soft given that Apple’s Chinese business got a major hit in Q1 as competitors increased their market share against the giant Apple.