EUR/USD Current Price: 1.1803

  • The European Central Bank will unveil its latest decision on monetary policy.
  • Global indexes closed in the green, Wall Street turned positive weekly basis.
  • EUR/USD keeps trading around the 1.1800 level, the risk is skewed to the downside.

The EUR/USD pair recovered some ground, hitting a daily high of 1.1804 on the back of a better market’s mood. The pair finished the day around the 1.1800 mark, as the looming European Central Bank’s decision keeps bulls side-lined. Global indexes posted gains, with Wall Street entering positive territory for the first time in the week. Government bond yields were sharply higher, reflecting decreased demand for safe-haven assets.

The macroeconomic calendar was scarce, as the US only published MBA Mortgage Applications for the week ended July 16, which declined 4% after a previous 16% advance. On Thursday, the US will publish weekly unemployment figures and the June Chicago Fed National Activity Index. As said, the ECB will announce its latest monetary policy decision. No changes are expected to rates and the facilities programs, but the market expects a dovish tilt in the statement, with the focus on the pandemic-related risk and changes in the forward guidance.

EUR/USD short-term technical outlook

The EUR/USD pair trades with modest gains, but without signs of bullish potential. The pair keeps developing inside a descendant channel coming from June 25 high at 1.1974. In the 4-hour chart, technical indicators turned flat after crossing their midlines into positive levels, offering a neutral stance. The pair stands a few pips above a mildly bearish 20 SMA, while the longer ones keep heading lower above the current level. The risk remains skewed to the downside, with a test of March low at 1.1703, on the table.

Support levels: 1.1755 1.1720 1.1685

Resistance levels: 1.1840 1.1885 1.1920

 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. 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.

Feed news

Latest Forex Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD advances toward 1.18 on upbeat market mood

EUR/USD has bounced off the fresh three-month low of 1.1751 and trades closer to 1.18 as the US dollar takes a breather from gains and the market mood improves. Covid concerns and speculation ahead of Thursday's ECB decision weighed on the euro earlier. 

EUR/USD News

GBP/USD shrugs off Brexit concerns and rebounds above 1.3650

GBP/USD is trading above 1.3650, benefiting from a better market mood. Earlier, the pound struggled with a fresh EU-UK clash over the Northern Irish protocol and high levels of covid cases. 

GBP/USD News

Gold bears chipping away at bull's commitments at $1,800

The US dollar is earmarked by some analysts as a stronger for longer trade-off. At the time of writing, XAU/USD is trading at 41,803.23 and down some 0.4% on the day after falling from a high of $1,813 to a low of 41,794.66.

Gold News

SafeMoon price nowhere near recovery despite the recent pump

SafeMoon could recover some ground with the favorable rally that is passing through the cryptocurrency market today. SafeMoon is still not breaking out of a bearish triangle play on the daily chart, and more downside seems to be in the cards.

Read more

Earnings mostly impress, bond market selloff may last, oil rises, gold slumps, Bitcoin boom

The lessons learned from the bond market should be that Wall Street needs to expect excessive volatility over the next few months as the Fed manages a taper announcement as pressure grows for them to normalize rates. 

Read more

Majors

Cryptocurrencies

Signatures