EUR/USD Price Forecast: Wait-and-see mode continues amid the absence of catalysts
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: 1.1602
- The US Dollar lacks a clear catalyst amid the government shutdown and the upcoming Fed meeting.
- The EU will publish the preliminary estimate of October Consumer Confidence.
- EUR/USD sidelined in the near-term; wider pictures favor a leg lower.
The EUR/USD pair trades uneventfully around the 1.1600 level, confined to a tight range for a second consecutive day, amid the absence of a relevant catalyst. The United States (US) government shutdown continues, which means no relevant macroeconomic data is being released. At the same time, the Federal Open Market Committee (FOMC) is scheduled to meet next week, which means Federal Reserve (Fed) officials remain silent, at least regarding monetary policy.
Meanwhile, the European macroeconomic calendar has had nothing to offer so far. Later in the day, the EU will release the preliminary estimate of the October Consumer Confidence. As for the US, the calendar includes minor figures, such as New Home Sales and Existing Home Sales for September, and the October Kansas Fed Manufacturing Activity index.
EUR/USD short-term technical outlook
From a technical point of view, the daily chart for the EUR/USD pair shows the risk skews to the downside, although the momentum is missing. The pair develops below its 20 and 100 Simple Moving Averages (SMAs), which lack directional strength, converging at around 1.1650. At the same time, technical indicators aim modestly lower within negative levels, failing to provide clear directional clues.
In the near term, and according to the 4-hour chart, the EUR/USD seems poised to extend its slide. The pair is developing below all its moving averages, with a bearish 20 SMA providing dynamic resistance at around 1.1610. The 100 and 200 SMAs head marginally lower above it, in line with the dominant bearish trend. Finally, the Momentum indicator advances below the 100 line, while the Relative Strength Index (RSI) indicator stands directionless at around 43.
Support levels: 1.1590 1.1540 1.1510
Resistance levels: 1.1650 1.1690 1.1740
EUR/USD Current price: 1.1602
- The US Dollar lacks a clear catalyst amid the government shutdown and the upcoming Fed meeting.
- The EU will publish the preliminary estimate of October Consumer Confidence.
- EUR/USD sidelined in the near-term; wider pictures favor a leg lower.
The EUR/USD pair trades uneventfully around the 1.1600 level, confined to a tight range for a second consecutive day, amid the absence of a relevant catalyst. The United States (US) government shutdown continues, which means no relevant macroeconomic data is being released. At the same time, the Federal Open Market Committee (FOMC) is scheduled to meet next week, which means Federal Reserve (Fed) officials remain silent, at least regarding monetary policy.
Meanwhile, the European macroeconomic calendar has had nothing to offer so far. Later in the day, the EU will release the preliminary estimate of the October Consumer Confidence. As for the US, the calendar includes minor figures, such as New Home Sales and Existing Home Sales for September, and the October Kansas Fed Manufacturing Activity index.
EUR/USD short-term technical outlook
From a technical point of view, the daily chart for the EUR/USD pair shows the risk skews to the downside, although the momentum is missing. The pair develops below its 20 and 100 Simple Moving Averages (SMAs), which lack directional strength, converging at around 1.1650. At the same time, technical indicators aim modestly lower within negative levels, failing to provide clear directional clues.
In the near term, and according to the 4-hour chart, the EUR/USD seems poised to extend its slide. The pair is developing below all its moving averages, with a bearish 20 SMA providing dynamic resistance at around 1.1610. The 100 and 200 SMAs head marginally lower above it, in line with the dominant bearish trend. Finally, the Momentum indicator advances below the 100 line, while the Relative Strength Index (RSI) indicator stands directionless at around 43.
Support levels: 1.1590 1.1540 1.1510
Resistance levels: 1.1650 1.1690 1.1740
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.