EUR/USD Current price: 1.1297

  • EU Industrial Production fell by more than expected in December.
  • US inflation remained at 'rate hike' levels in January.

Having peaked at 1.1341 the EUR/USD pair is down daily basis, as the greenback recovered its shine following softer-than-expected EU and UK data. The EU reported December Industrial Production, which resulted worse than expected, falling by 0.9% MoM and by 4.2% YoY. The greenback got another boost from headlines indicating that, according to people familiar with the matter, US President Trump is willing to sign the latest Congressional deal to keep the government funded and avoid another shutdown.

The EUR/USD pair was flirting with the 1.1300 figure, when the US released January inflation data,  which resulted better-than-expected, backing some additional USD gains. According to the official report, inflation remained unchanged monthly basis, but rose 1.6% YoY, beating estimates of 1.5%. The core yearly CPI, which excludes volatile food and energy prices, came in at 2.2%, above the market's forecast of 2.1%.

The pair broke below the 1.1300 figure ahead of Wall Street's opening, with equities poised to extend their weekly advance amid the positive momentum of their overseas counterparts. The ongoing decline confirms that yesterday's gains were a mere correction, as the pair stalled around the 38.2% retracement of the 1.1488/1.1257 slide at 1.1345, now trading also below the 23.6% retracement of the same slump at 1.1310. According to the 4 hours chart, the bearish case is strong, as the price broke below a bearish 20 SMA, while technical indicators turned sharply lower, dipping into negative ground after briefly hovering in positive levels. The low of the range is the immediate support ahead of 1.1215, 2018 low. The mentioned Fibonacci retracements will continue to attract selling interest in the case of upward spikes.  

Support levels: 1.1260 1.1215 1.1180

Resistance levels: 1.1310 1.1345 1.1380    

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: Inverted hammer on daily chart highlights 50-day SMA, 38.2% Fibo.

EUR/USD takes the bids to 1.1050 during early Friday. The pair formed an ‘inverted hammer” candle while following the daily chart, which in turn favors the upside towards 1.1110/13 resistance-confluence.


GBP/USD: 3-week-old resistance-line questions 100-DMA breakout

Successful trading beyond 100-day simple moving average (DMA) fails to lend much strength to the GBP/USD pair as it struggles around 1.2520 during Friday morning. A rising trend-line since August-end, seems to challenge buyers.


USD/JPY: Bears eyeing break below 107.45

USD/JPY trades modestly flat, with the bias leaning to the downside, as we wind down into the close for the week following a data-heavy number of sessions which have left more questions unanswered and the outlook murky. 


Markets unmoved by Fed cut and pause

The Federal Reserve’s latest twist in monetary policy, reducing the fed funds for a second time in two months and then pausing for instructions has left markets without a clear direction on interest rates. Equites ended mixed.

Read more

Gold holds on to recovery gains amid trade/political pessimism

In addition to bouncing off multi-month-old rising trend-line, Gold gains support form recently downbeat trade/political headlines while taking the bids to $1,500 during Friday’s Asian session.

Gold News

Forex Majors