EUR/USD Forecast: Heading towards 1.1700
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 all exclusive analysis, access our analysis and get Gold and signals alerts
Elevate your trading Journey.
UPGRADEEUR/USD Current Price: 1.1740
- Tepid European macroeconomic data hurt the shared currency.
- US June JOLTS Job Openings report jumped to 10.73 million, beating expectations.
- EUR/USD is poised to extend its decline in the near-term, poised to test March low.
The EUR/USD pair fell to a fresh 4-month low of 1.1737, trading nearby ahead of the Asian opening. The dollar corrected lower at the beginning of the day, resuming its advance during US trading hours, as US government bond yields surpassed Friday’s highs. The yield on the 10-year US Treasury note peaked at 1.32% after another US employment-related report, as the June JOLTS Job Openings report jumped to 10.73 million, much better than anticipated and in line with the bounce in Nonfarm Payrolls.
Macroeconomic data coming from the Union helped to limit advances, as EU Sentix Investor Confidence contracted by more than anticipated in August, to 22.2 from 29.8. Germany released its June Trade Balance, which posted a surplus of €13.6 billion, beating the market’s expectations. On Tuesday, the focus will be on the August German ZEW Survey on Economic Sentiment, foreseen contracting to 57 in the country and recovering to 52 in the Union. The US will present the July NFIB Business Optimism Index and Nonfarm Productivity for the second quarter of the year.
EUR/USD short-term technical outlook
Trading around its Monday’s low, the EUR/USD pair is bearish in the near-term, and poised to at least test March monthly low at 1.1703. In the 4-hour chart, technical indicators hover within oversold readings, although still above the lows posted last week. Meanwhile, the 20 SMA heads firmly lower after crossing below the longer ones, reflecting increased selling interest. Thus, the pair has room to approach the 1.1600 area once below the mentioned March low.
Support levels: 1.1705 1.1660 1.1620.
Resistance levels: 1.1790 1.1830 1.1880
EUR/USD Current Price: 1.1740
- Tepid European macroeconomic data hurt the shared currency.
- US June JOLTS Job Openings report jumped to 10.73 million, beating expectations.
- EUR/USD is poised to extend its decline in the near-term, poised to test March low.
The EUR/USD pair fell to a fresh 4-month low of 1.1737, trading nearby ahead of the Asian opening. The dollar corrected lower at the beginning of the day, resuming its advance during US trading hours, as US government bond yields surpassed Friday’s highs. The yield on the 10-year US Treasury note peaked at 1.32% after another US employment-related report, as the June JOLTS Job Openings report jumped to 10.73 million, much better than anticipated and in line with the bounce in Nonfarm Payrolls.
Macroeconomic data coming from the Union helped to limit advances, as EU Sentix Investor Confidence contracted by more than anticipated in August, to 22.2 from 29.8. Germany released its June Trade Balance, which posted a surplus of €13.6 billion, beating the market’s expectations. On Tuesday, the focus will be on the August German ZEW Survey on Economic Sentiment, foreseen contracting to 57 in the country and recovering to 52 in the Union. The US will present the July NFIB Business Optimism Index and Nonfarm Productivity for the second quarter of the year.
EUR/USD short-term technical outlook
Trading around its Monday’s low, the EUR/USD pair is bearish in the near-term, and poised to at least test March monthly low at 1.1703. In the 4-hour chart, technical indicators hover within oversold readings, although still above the lows posted last week. Meanwhile, the 20 SMA heads firmly lower after crossing below the longer ones, reflecting increased selling interest. Thus, the pair has room to approach the 1.1600 area once below the mentioned March low.
Support levels: 1.1705 1.1660 1.1620.
Resistance levels: 1.1790 1.1830 1.1880
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.