EUR/USD Forecast: Bears not done yet
Premium|Take advantage of 50% OFF on your first month.
50% OFF and access to ALL our articles and insights.
You have reached your limit of 5 free articles for this month.
Take advantage of the Special Price just for today!
50% OFF and access to ALL our articles and insights.
Subscribe to PremiumEUR/USD Current Price: 1.1636
- German IFO survey showed that Business Climate improved by less than expected.
- US weekly unemployment claims increased in the week finished September 18.
- EUR/USD is bearish and poised to break below the 1.1600 level.
The EUR/USD pair has extended its weekly decline to 1.1626, a fresh two-month low, and trades nearby ahead of the US opening. The American currency advances for a fourth consecutive day amid demand for safety, amid fears related to slowing growth within the current pandemic context. A worse-than-expected IFO report added pressure on the shared currency. The German survey showed that the Business Climate in the country improved in September to 93.4, missing expectations of 93.8.
The US has just published Initial Jobless Claims for the week ended September 18, which came in at 870K worse than the 843K expected and the previous 866K. Continuing Jobless Claims for the week ended September 11 increased to 12.58M. Later today, US Federal Reserve Chief’s Powell and Treasury Secretary Mnuchin will testify before a Senate special commission.
EUR/USD short-term technical outlook
As said, the EUR/USD pair is trading near its daily low, bearish, according to intraday technical readings. The 20 SMA heads lower almost vertically, currently at around 1.1715, while the larger ones grind lower well above it. The Momentum indicator resumed its decline within negative levels, while the RSI consolidates around 30, all of which favors a lower low during the upcoming session.
Support levels: 1.1620 1.1580 1.1535
Resistance levels: 1.1670 1.1715 1.1750
EUR/USD Current Price: 1.1636
- German IFO survey showed that Business Climate improved by less than expected.
- US weekly unemployment claims increased in the week finished September 18.
- EUR/USD is bearish and poised to break below the 1.1600 level.
The EUR/USD pair has extended its weekly decline to 1.1626, a fresh two-month low, and trades nearby ahead of the US opening. The American currency advances for a fourth consecutive day amid demand for safety, amid fears related to slowing growth within the current pandemic context. A worse-than-expected IFO report added pressure on the shared currency. The German survey showed that the Business Climate in the country improved in September to 93.4, missing expectations of 93.8.
The US has just published Initial Jobless Claims for the week ended September 18, which came in at 870K worse than the 843K expected and the previous 866K. Continuing Jobless Claims for the week ended September 11 increased to 12.58M. Later today, US Federal Reserve Chief’s Powell and Treasury Secretary Mnuchin will testify before a Senate special commission.
EUR/USD short-term technical outlook
As said, the EUR/USD pair is trading near its daily low, bearish, according to intraday technical readings. The 20 SMA heads lower almost vertically, currently at around 1.1715, while the larger ones grind lower well above it. The Momentum indicator resumed its decline within negative levels, while the RSI consolidates around 30, all of which favors a lower low during the upcoming session.
Support levels: 1.1620 1.1580 1.1535
Resistance levels: 1.1670 1.1715 1.1750
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.