EUR/USD Current Price: 1.1149

  • EU Consumer Confidence rebounded a bit in July, still near record lows.
  • Markit to report on services and manufacturing activity this Wednesday.
  • EUR/USD bulls have no chances with the pair below 1.1180.

The EUR/USD pair is finishing Tuesday at its lowest in almost two months, paring intraday losses at around 1.1147. The American dollar appreciated steadily throughout the day, without a specific reason, but market players are pricing in the different approaches from policymakers to their respective monetary policies. US data disappointed, as the Housing Price Index increased by just 0.1% in May, well below the 0.3% anticipated, while Existing Home Sales decreased by 1.7% in June, missing the market’s forecast of -0.2%. Also, the Richmond Fed Manufacturing Index for July came in at -12 vs. an expected bounce to 5. In the EU, on the contrary, things were more positive, as Consumer Confidence rebounded in July according to preliminary estimates, printing -6.6 against the previous -7.2.

This Wednesday, Markit will publish the preliminary estimates of July PMI for the EU and the US. According to analysts’ forecasts, activity in the manufacturing sector in Germany and the EU is expected to have recovered just modestly but also to remain in contraction territory. The Services sector is seen in better shape. In the US, expectations are for both sectors, having expanded at a moderate pace. The US will also release June New Home Sales.  Better-than-expected EU data can bring some relief to EUR buyers, although with the ECB unveiling its latest decision on monetary policy this Thursday, robust gains are unlikely.

EUR/USD short-term technical outlook

The EUR/USD pair is short-term oversold according to the 4 hours chart, amid the steady intraday slide and the fresh multi-week low. In the mentioned chart, the pair is developing well below all of its moving averages, with the 20 SMA accelerating south at around 1.1215, while technical indicators maintain their downward slopes, despite being in extreme levels. Some consolidation could be expected, but as long as the pair remains below the 1.1180 price zone, the risk remains skewed to the downside, with room for a retest of the yearly low at 1.1106.

Support levels: 1.1145 1.1106 1.1070

Resistance levels: 1.1180 1.1215 1.1245

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: Doji on D1, 1.1040/45 resistance question latest recovery

The EUR/USD pair’s latest recovery seems to be challenged soon considering Monday’s Doji candlestick formation on D1 and nearness to the key resistance-confluence. The quote currently takes the bids to 1.1030.


GBP/USD: Inside day makes Tuesday's close pivotal

GBP/USD created an inside bar candlestick pattern on Monday, making Tuesday's GMT close pivotal. An inside bar occurs when the daily high and low falls within the preceding day's trading range. The pair hit a high at 1.2650.


USD/JPY unchanged on 108 handle in Tokyo opening hour, eyes on key events

USD/JPY is steady in Tokyo's opening hour, down -0.02% despite the concerns over the 'Phase1' deal made between China and the US on Friday. Looking ahead, eyes are on US Industrial Production and Fed speakers.


UK jobs report preview: GBP/USD set to react to figures that go with the Brexit mood

Finding a job in the UK is more accessible than in the past and pay is rising – but that does not move the pound these days. The employment report is scheduled two days ahead of the critical EU Summit and 16 ahead of Brexit Day. 

Read more

Gold: Bears look for a break below the trendline support

The price had been sent lower below the 21 and 50-day MA converging and the 7th Oct lows. Trendline support guards a test of a 50% mean reversion of the late June swing lows to recent highs around 1480 will be encouraged. 

Gold News

Forex Majors