EUR/USD Current price: 1.0828
- Encouraging Eurozone macroeconomic data fell short of boosting the Euro.
- US Consumer Price Index and the European Central Bank decision stand out this week.
- EUR/USD is technically neutral, limited buying interest favors a near-term slide.
The EUR/USD pair trades with a softer tone on Monday, down a handful of pips from its daily opening at 1.0835. The US Dollar is mixed across the FX board, particularly weak against commodity-linked rivals amid Gold soaring to fresh record highs, while grinding north vs European currencies.
The Euro is down despite mostly encouraging macroeconomic data from the Union. Germany reported that Industrial Production rose 2.1% MoM in February, beating expectations, while the Eurozone Sentix Investor Confidence improved to -5.9 in April from -10.5 in the previous month. The macroeconomic calendar, however, will remain scarce until Wednesday, when the United States (US) will publish the March Consumer Price Index (CPI). The European Central Bank (ECB) monetary policy announcement will follow on Thursday.
EUR/USD short-term technical outlook
From a technical point of view, the EUR/USD pair is little changed for a third consecutive day. The pair develops below all its moving averages in the daily chart, with a bearish 20 Simple Moving Average (SMA) gaining downward traction and providing dynamic resistance at 1.0845. At the same time, technical indicators stand directionless right below their midlines, offering a neutral stance.
EUR/USD is neutral-to-bearish in the near term. A bullish 20 SMA is about to cross a bearish 100 SMA, both a handful of pips above the current level. Technical indicators, in the meantime, head nowhere within neutral levels. The pair has a limited downward scope as demand for the US Dollar seems subdued across the FX board. Nevertheless, advances beyond the mentioned 1.0845 level seem unlikely.
Support levels: 1.0800 1.0750 1.0715
Resistance levels: 1.0845 1.0880 1.0920
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
EUR/USD stays weak near 1.0700 ahead of key EU inflation, GDP data
EUR/USD is keeping the red near 1.0700, undermined by a broad US Dollar rebound and a mixed market mood early Tuesday. Germany's Retail Sales rebound fail to impress the Euro ahead of key Eurozone inflation and GDP data releases.
GBP/USD remains pressured toward 1.2500 on US Dollar rebound
GBP/USD is extending losses toward 1.2500 in European trading on Tuesday. A cautious risk tone and a decent US Dollar comeback weigh negatively on the pair. The focus now shifts to mid-tier US data amid a data-light UK docket.
Gold struggle with $2,330 extends, as focus shifts to Fed decision
Gold price is looking to build on to the previous downside early Tuesday, as traders continue to take profits off the table in the lead-up to the US Federal Reserve (Fed) interest rate decision due on Wednesday.
BNB price risks a 10% drop as Binance founder and ex-CEO Changpeng Zhao eyes Tuesday sentencing
Binance Coin price is dumping, with the one-day chart showing a defined downtrend. While the broader market continues to bleed, things could get worse for BNB price ahead of Binance executive Changpeng Zhao sentencing on Tuesday, April 30.
Data fuels China optimism
China's factory activity has expanded for a second consecutive month, marking the best streak in over a year and fueling optimism for the sustainability of the world's second-largest economy's recovery.