EUR/USD Current Price: 1.0976

  • ECB removes limits to bond-buying in each member state.
  • US Federal Reserve Chief Powell said the US may already be in recession.
  • EUR/USD heading towards 1.1000 amid the broad dollar’s weakness.

The EUR/USD pair has reached a daily high of 1.0988 during the London session, as speculative interest remained away from the greenback and in spite of a souring market’s mood. The optimism triggered by US Congress relief package, faded during the Asian session, as the coronavirus crisis continues to expand. The number of cases grows exponentially in the US and investors fear an economic collapse not only in the country.

US Fed’s Chair Jerome Powell was on the wires this Thursday, saying that the Federal Reserve is not going to run of ammunition, hinting additional easing is available if needed. Among other things, he said that he expects economic activity to resume in the second half of the year, although he does not know when the economy will recover and that the country may already be in recession. It will depend on how soon the coronavirus pandemic is under control.

Meanwhile, the ECB has started its bond-buying program, changing the usual limits. In a legal document released today, the central bank announced that the limit to a third of each of its member states’ debit, should not apply. US unemployment claims jumped to 3.28 million for the week ended March 20, breaking all charts, although the news barely affected currencies.

EUR/USD short-term technical outlook

The EUR/USD pair is trading around the 38.2% retracement of its latest daily decline at 1.0960. The 4-hour chart shows that the price met sellers around its 200 SMA, while the 20 SMA heads sharply higher below the current level. Technical indicators, in the meantime, advance within positive levels, favouring additional advances, should the pair manage to clear the current area. Pullbacks need to be contained by buyers around 1.0920 to keep the bullish case alive.

Support levels: 1.0920 1.0885 1.0840

Resistance levels: 1.1015 1.1060 1.1100

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

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex Analysis

Editors’ Picks

EUR/USD extends slump after NFP shows massive job loss

EUR/USD is trading below 1.08, down on the day. The Non-Farm Payrolls report has shown a loss of 701,000 jobs, worse than expected. The ISM Non-Manufacturing PMI surprised to the upside with 52.5 points. 


GBP/USD drops below 1.23 amid sour mood, after UK data

GBP/USD has dropped below 1.23 as the market mood sours. Final UK Services PMI dropped to 34.5 points, worse than expected.  


NFP Quick Analysis: 701K jobs lost only be tip of the iceberg, why King Dollar is ready for coronation

The US lost 701,000 jobs in March, the worst in 11 years. The Non-Farm Payrolls figures are lagging the fast-moving events. Wage growth is also skewed and should be ignored. The safe-haven dollar has room to rise. 

Read more

WTI trades in three-week’s highs near $26.50 a barrel

WTI is jumping from multi-year lows following the US President Trump’s tweet of yesterday (Thursday) suggesting a Saudi-Russian deal was on the pipeline.

Oil News

Gold remains confined in a range, moves little post-NFP

Gold extended its sideways consolidative price action around the $1615 region and had a rather muted reaction to the US monthly employment details

Gold News

Forex Majors