EUR/USD Forecast: Pressuring the upper end of the range
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: 1.2192
- German’s trade balance posted a surplus of €15.9 billion in April.
- US Treasury yields keep falling, weighing on the American currency.
- EUR/USD is mildly bullish near the 1.22 figure, the momentum is limited.
The EUR/USD pair approaches the 1.2200 figure but keeps trading within familiar levels in another quiet day across the FX board. The greenback shed some ground on the back of easing US Treasury yields, as US inflation and its possible effects on the Federal Reserve’s monetary policy remains the main theme.
A scarce macroeconomic calendar exacerbates the quietness. Germany published the April Trade Balance, which posted a seasonally adjusted surplus of €15.9 billion, below expected. As for the US, the country published MBA Mortgage Approvals for the week ended on June 4, which came in at -3.1% better than the previous -4%. The country will publish April Wholesale Inventories.
EUR/USD short-term technical outlook
The EUR/USD pair trades around 1.2190, mildly bullish in the near-term. It keeps developing between ascendant moving averages, with the 100 SMA currently around the 1.2200 level. The 20 SMA turned higher, while technical indicators aim north within positive levels, although with limited strength. Gains beyond the 1.2200 figure are still seen limited as investors will likely turn more cautious ahead of Thursday’s first-tier events.
Support levels: 1.2160 1.2120 1.2070
Resistance levels: 1.2200 1.2245 1.2280
EUR/USD Current Price: 1.2192
- German’s trade balance posted a surplus of €15.9 billion in April.
- US Treasury yields keep falling, weighing on the American currency.
- EUR/USD is mildly bullish near the 1.22 figure, the momentum is limited.
The EUR/USD pair approaches the 1.2200 figure but keeps trading within familiar levels in another quiet day across the FX board. The greenback shed some ground on the back of easing US Treasury yields, as US inflation and its possible effects on the Federal Reserve’s monetary policy remains the main theme.
A scarce macroeconomic calendar exacerbates the quietness. Germany published the April Trade Balance, which posted a seasonally adjusted surplus of €15.9 billion, below expected. As for the US, the country published MBA Mortgage Approvals for the week ended on June 4, which came in at -3.1% better than the previous -4%. The country will publish April Wholesale Inventories.
EUR/USD short-term technical outlook
The EUR/USD pair trades around 1.2190, mildly bullish in the near-term. It keeps developing between ascendant moving averages, with the 100 SMA currently around the 1.2200 level. The 20 SMA turned higher, while technical indicators aim north within positive levels, although with limited strength. Gains beyond the 1.2200 figure are still seen limited as investors will likely turn more cautious ahead of Thursday’s first-tier events.
Support levels: 1.2160 1.2120 1.2070
Resistance levels: 1.2200 1.2245 1.2280
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.