EUR/USD Forecast: Bearish pressure mounts
Premium|Take advantage of 50% OFF on your first month.
Start your subscription and get access to all our original articles.
You have reached your limit of 5 free articles for this month.
Get Premium without limits for only $9.99 for the first month
Access all our articles, insights, and analysts.
UNLOCK OFFEREUR/USD Current Price: 1.1778
- US Durable Goods Orders beat expectations at 11.2% in July.
- Dollar stronger, although investors maintain a cautious approach.
- EUR/USD at risk of accelerating its decline on a break below 1.1750.
The EUR/USD pair eased sub-1.1800 ahead of US opening, as somehow the optimism seen at the beginning of the week faded. Major pairs spent the first half of the day consolidating in tight ranges, with the greenback grabbing some strength ahead of the release of US Durable Goods Orders. According to the official report, orders were up 11.2% in July, much better than the 4.3% expected. Non-defence Capital Goods Orders ex-Aircraft met expectations at 1.9%. The greenback accelerated its advance afterwards trading now near a daily low at 1.1771.
The EU didn’t release relevant macroeconomic data this Wednesday, while equities fail to provide clues, hovering around their opening levels.
EUR/USD short-term technical outlook
The EUR/USD pair is nearing 1.1750, the low set last Friday and the immediate support. Readings in the 4-hour chart support a bearish extension ahead, as the upside was contained by the 20 and 100 SMA, while technical indicators head south below their midlines. A steeper decline, however, is still unclear given the market’s cautious approach to the dollar.
Support levels: 1.1750 1.1710 1.1665
Resistance levels: 1.1800 1.1840 1.1885
EUR/USD Current Price: 1.1778
- US Durable Goods Orders beat expectations at 11.2% in July.
- Dollar stronger, although investors maintain a cautious approach.
- EUR/USD at risk of accelerating its decline on a break below 1.1750.
The EUR/USD pair eased sub-1.1800 ahead of US opening, as somehow the optimism seen at the beginning of the week faded. Major pairs spent the first half of the day consolidating in tight ranges, with the greenback grabbing some strength ahead of the release of US Durable Goods Orders. According to the official report, orders were up 11.2% in July, much better than the 4.3% expected. Non-defence Capital Goods Orders ex-Aircraft met expectations at 1.9%. The greenback accelerated its advance afterwards trading now near a daily low at 1.1771.
The EU didn’t release relevant macroeconomic data this Wednesday, while equities fail to provide clues, hovering around their opening levels.
EUR/USD short-term technical outlook
The EUR/USD pair is nearing 1.1750, the low set last Friday and the immediate support. Readings in the 4-hour chart support a bearish extension ahead, as the upside was contained by the 20 and 100 SMA, while technical indicators head south below their midlines. A steeper decline, however, is still unclear given the market’s cautious approach to the dollar.
Support levels: 1.1750 1.1710 1.1665
Resistance levels: 1.1800 1.1840 1.1885
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.