EUR/USD Current price: 1.1298

  • US data disappointed, keeping the dollar under pressure.
  • EU Consumer Confidence seen unchanged at -6.5 in June.

The EUR/USD pair hovers around the 1.1300 figure, up amid dollar's broad weakness following a dovish US Federal Reserve announcement. Powell & Co. dropped their 'patient' stance, as expected, paving the way for a rate cut in the upcoming months. The American currency came under further selling pressure in Asia, as investors kept digesting the negative news. Meanwhile, Treasury yields collapsed to fresh multi-year lows, with the benchmark yield for the 10-year note piercing 2.0% in pre-opening trading. Equities, on the other hand, maintain the bullish momentum, with US indexes approaching record highs.

Ahead of Wall Street's opening, the US released the Q1 Current Account, which printed a larger-than-expected deficit of $130.4B, while the Philadelphia Fed Manufacturing Survey printed 0.3 in June, well below the 11.0 expected. Unemployment claims for the week ended June 14 came in better-than-expected, down to 216K. Pending of release is the EU June preliminary Consumer Confidence Index, expected unchanged at -6.5.

The EUR/USD pair has recovered above a series of Fibonacci levels, and at this point, it has room to extend its gains up to 1.1347, where it topped this June. In the 4 hours chart, the pair is has rallied above all of its moving averages, while technical indicators have reached overbought levels, now partially losing their bullish strength. Overall, the risk remains skewed to the upside as long as the price holds above the 1.1280 area, the immediate short-term support.

Support levels: 1.1280 1.1240 1.1200

Resistance levels: 1.1315 1.1350 1.1390

View Live chart for the EUR/USD

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.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD remains depressed but off daily lows

The EUR/USD pair is recovering from a daily low of 1.1216, although holding in negative territory for the day. US preliminary Michigan Consumer Sentiment Index improved by less-than-anticipated in July, coming in at 98.4 vs. the 98.5 expected.

EUR/USD News

GBP/USD trading marginally lower daily basis but above 1.2500

The Pound gave back some of its Thursday’s gain on dollar’s relief. The GBP/USD pair broke a daily descendant trend line coming from June’s high and holds above it, leaving little room for sellers to act.

GBP/USD News

USD/JPY: bears pausing, still in control

Japanese National Inflation steady at 0.7%YoY in June. US Michigan Consumer Sentiment Index expected at 98.5 in July. USD/JPY corrective advance falling short of signaling an interim bottom in place.

USD/JPY News

Something has spooked the Fed

We wish we knew what it is. Wild talk of the US joining Japan and Europe with zero or negative return on the 10-year is or should be very frightening.

Read more

Gold consolidates around $ 1440, eyes US data for fresh direction

Gold (futures on Comex) extends its side-trend around the 1440 mark into the mid-European session, having stalled its retreat from 2019 highs of 1454 near 1437 region.

Gold News

Majors

Cryptocurrencies

Signatures