EUR/USD Forecast: Bulls paused but retain control
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: 1.1732
- US Consumer Confidence is foreseen retreating to 94 from 98.1.
- US Senate Republicans presented its next coronavirus aid plan.
- EUR/USD holds above 1.1700 and retains its bullish stance in the short-term.
The EUR/USD pair eased from a 22-month high of 1.1781, as speculative interest took some profits out of the table, helping the greenback to correct extreme oversold conditions. The pair bottomed for the day at 1.1698, from where it slowly recovered as the American currency remains the weakest across the FX board.
The macroeconomic calendar has been quite scarce so far this Tuesday, with no data coming from the Union. The US session will bring the CB Consumer Confidence, foreseen at 94 from 98.1 in the previous month.
Meanwhile, the US Senate Republicans presented their coronavirus relief proposal. It includes another round of $1,200 in direct payments to individuals, more money for the Paycheck Protection Program, a reduction in federal unemployment benefits from $600 to $200, and more than $100 billion for reopening schools. That said, it’s just a proposal that has yet to get the approval of Democrats.
EUR/USD short-term technical outlook
The EUR/USD pair is holding above the mentioned daily low ahead of Wall Street’s opening but lacks bullish momentum. The technical stance is bullish despite the ongoing bearish correction, as, in the 4-hour chart, the pair continues to develop above a sharply bullish 20 SMA, which currently stands at 1.1660 providing dynamic support. The larger moving averages gain strength upwards below it, while technical indicators are regaining the upside after correcting extreme overbought conditions.
Support levels: 1.1700 1.1660 1.1625
Resistance levels: 1.1740 1.1785 1.1820
EUR/USD Current Price: 1.1732
- US Consumer Confidence is foreseen retreating to 94 from 98.1.
- US Senate Republicans presented its next coronavirus aid plan.
- EUR/USD holds above 1.1700 and retains its bullish stance in the short-term.
The EUR/USD pair eased from a 22-month high of 1.1781, as speculative interest took some profits out of the table, helping the greenback to correct extreme oversold conditions. The pair bottomed for the day at 1.1698, from where it slowly recovered as the American currency remains the weakest across the FX board.
The macroeconomic calendar has been quite scarce so far this Tuesday, with no data coming from the Union. The US session will bring the CB Consumer Confidence, foreseen at 94 from 98.1 in the previous month.
Meanwhile, the US Senate Republicans presented their coronavirus relief proposal. It includes another round of $1,200 in direct payments to individuals, more money for the Paycheck Protection Program, a reduction in federal unemployment benefits from $600 to $200, and more than $100 billion for reopening schools. That said, it’s just a proposal that has yet to get the approval of Democrats.
EUR/USD short-term technical outlook
The EUR/USD pair is holding above the mentioned daily low ahead of Wall Street’s opening but lacks bullish momentum. The technical stance is bullish despite the ongoing bearish correction, as, in the 4-hour chart, the pair continues to develop above a sharply bullish 20 SMA, which currently stands at 1.1660 providing dynamic support. The larger moving averages gain strength upwards below it, while technical indicators are regaining the upside after correcting extreme overbought conditions.
Support levels: 1.1700 1.1660 1.1625
Resistance levels: 1.1740 1.1785 1.1820
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.