EUR/USD Forecast: Bears will keep on pressuring towards sub-1.2000
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: 1.2041
- Speculative interest awaits news on the next US stimulus package.
- EU Q4 GDP resulted at -0.7% QoQ, better than anticipated.
- EUR/USD turned bearish in the near-term, next support at 1.2020.
The EUR/USD pair fell to 1.2025, its lowest for this year, as the greenback keeps appreciating against its major peers. Meanwhile, stocks are up, with Wall Street poised to open with gains. The generalized optimism is based on looming US stimulus talks. US President Joe Biden and Republican senators will start discussing details later today.
The EU has published the preliminary estimate of the Q4 Gross Domestic Product, which came in at -0.7%, better than the -1.2% expected. The annual comparison resulted at -5.1%, also beating the -5.4% forecast. The US will publish the January ISM-NY Business Conditions Index and February IBD/TIPP Economic Optimism.
EUR/USD short-term technical outlook
The EUR/USD pair is trading around 1.2040, maintaining its bearish stance. The pair has broken below the 38.2% retracement of its November/January rally at 1.2060, and bears will continue to pressure as long as the pair remains below it. In the 4-hour chart, the pair has fallen further below bearish moving averages, while technical indicators resumed their declines within negative levels, reflecting growing selling interest.
Support levels: 1.2020 1.1970 1.1925
Resistance levels: 1.2060 1.2100 1.2145
EUR/USD Current Price: 1.2041
- Speculative interest awaits news on the next US stimulus package.
- EU Q4 GDP resulted at -0.7% QoQ, better than anticipated.
- EUR/USD turned bearish in the near-term, next support at 1.2020.
The EUR/USD pair fell to 1.2025, its lowest for this year, as the greenback keeps appreciating against its major peers. Meanwhile, stocks are up, with Wall Street poised to open with gains. The generalized optimism is based on looming US stimulus talks. US President Joe Biden and Republican senators will start discussing details later today.
The EU has published the preliminary estimate of the Q4 Gross Domestic Product, which came in at -0.7%, better than the -1.2% expected. The annual comparison resulted at -5.1%, also beating the -5.4% forecast. The US will publish the January ISM-NY Business Conditions Index and February IBD/TIPP Economic Optimism.
EUR/USD short-term technical outlook
The EUR/USD pair is trading around 1.2040, maintaining its bearish stance. The pair has broken below the 38.2% retracement of its November/January rally at 1.2060, and bears will continue to pressure as long as the pair remains below it. In the 4-hour chart, the pair has fallen further below bearish moving averages, while technical indicators resumed their declines within negative levels, reflecting growing selling interest.
Support levels: 1.2020 1.1970 1.1925
Resistance levels: 1.2060 1.2100 1.2145
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.