EUR/USD Current Price: 1.1022

  • German August trade surplus came in below expected at €18.1B.
  • September US core inflation confirmed at 2.4% when compared to a year earlier.
  • EUR/USD bullish in the short-term and heading toward the 1.1110/20 price zone.

The EUR/USD pair has advanced to a fresh 3-week high of 1.1033, holding nearby ahead of Wall Street’s opening. The intraday rally was in part triggered by US-China trade-related news, following headlines indicating that US President Trump is willing to grant some concessions to China to reach a deal, although it’s hard to consider news positive. The markets are all about positioning and caution ahead of official news.

The market is ignoring negative data coming from both shores of the Atlantic. In the EU, Germany released its August Trade Balance, which posted a smaller-than-expected surplus of €18.1B vs the previous €20.5B. The US, on the other hand, released Initial Jobless Claims for the week ended October 4, which came in better-than-anticipated at 210K, and the final version of September inflation, with the core annual CPI resulting at 2.4% as expected, although the monthly figure missed by raising just 0.1%.

EUR/USD short-term technical outlook

The EUR/USD pair is currently trading around 1.1020, stuck to the 61.8% retracement of its latest daily decline. In the 4 hours chart, the pair has advanced above all of its moving averages, with the larger ones maintaining their bearish slopes, although the 20 SMA is now advancing and trying to surpass the 100 SMA, reflecting the increased buying interest. Technical indicators in the mentioned chart hold near their daily highs well into positive ground, but their bullish strength is limited. The immediate resistance is 1.1045, the level to surpass to confirm further gains heading into the weekend.

Support levels: 1.1000 1.0960 1.0920  

Resistance levels: 1.1045 1.1080 1.1120

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. 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.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD clings to 3.5-week’s high, trades above 1.1000 figure

The pair is challenging the 1.1047 resistance. EUR/USD bull recovery from 34-month lows remains intact. Further coronavirus headlines are awaited.

EUR/USD News

GBP/USD hits new 2020 low amid Brexit rhetoric, coronavirus headlines

GBP/USD is trading above 1.2800 after hitting a new 2020 low as concerns about a no-trade-deal Brexit are weighing on the pound. Modest recovery seen in USD during the American session keeps the bearish pressure intact.

GBP/USD News

XAU/USD tumbles near two-week’s lows, sub-$1600/oz

Gold has been dropping sharply this Friday while reaching the 200 SMA on the four-hour chart. XAU/USD bulls gave up as sellers took the market down sharply. The bears seem to be in charge and more down could potentially be expected. 

Gold News

WTI remains under pressure around $45.00

Nothing new around crude oil prices, with rising concerns on the Chinese COVID-19 and its potential impact on the economy and the demand for the commodity keeping traders’ sentiment well depressed.

Oil News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info

Forex Majors

Cryptocurrencies

Signatures