EUR/USD Current Price: 1.1881

  • German ZEW survey showed that Economic Sentiment improved in September.
  • A cautiously optimistic sentiment keeps the greenback under pressure.
  • EUR/USD is bullish but needs to break the 1.1915 resistance level.

The EUR/USD pair is flirting with the 1.1900 level as the dollar weakness persists. Speculative interest maintains a cautiously optimistic stance ahead of the looming US Federal Reserve monetary policy decision this Wednesday. Encouraging Chinese data released at the beginning of the day kept Asian shares afloat, while their European counterparts are firmly up, underpinning the high-yielding EUR. The dollar remains weak and near its weekly lows against most major rivals, but movements remain contained.

Earlier in the European session, Germany published the September ZEW Survey, which surprised with positive figures, providing additional support to the shared currency. The Economic Sentiment in the country improved to 77.4 in September, while for the whole Union, it jumped to 73.9, both beating the market’s expectations.

The US, on the other hand, has just published the NY Empire State Manufacturing Index for September, which printed at 17, beating the expected 6. Later today, the country will publish August Industrial Production, foreseen at 1% from 3% in the previous month, and Capacity Utilization for the same month, expected at 71.4% from 70.6% in the previous month.

EUR/USD short-term technical outlook

The EUR/USD pair is trading just above the 50% retracement of its September decline, bullish but lacking momentum. The 4-hour chart shows that the pair keeps holding above all of its moving averages, with the 20 SMA advancing above the larger ones. Technical indicators, in the meantime, remain within positive levels without directional strength. The 61.8% retracement of the mentioned decline comes at 1.1915, the level to surpass to confirm a new leg north.

Support levels: 1.1840 1.1800 1.1750

Resistance levels: 1.1915 1.1960 1.2010  

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 Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD holds gains above 1.1850 amid tepid market mood

EUR/USD is trading above 1.1850, holding onto recent gains The uptrend, however, at risk as coronavirus cases rise across the Eurozone. New lockdown restrictions may force the ECB to adopt a stronger dovish stance. Focus shifts to Powell's speech, EZ Preliminary PMIs. 

EUR/USD News

GBP/USD hovers around 1.2950 amid likely virus curbs

GBP/USD stays well bid near  mid-1.2900s following three successive failures to cross 1.3000 during last week. UK’s health authorities mull lockdown restrictions. Chancellor Sunak may extend business support loans. Fedspeak eyed amid a light calendar. 

GBP/USD News

Gold due for a breakout, according to key indicator

Gold's multi-week consolidation in a narrowing price range could end with a bullish breakout, as a widely-tracked daily chart indicator is about to turn bullish. The yellow metal has carved out a descending triangle pattern over the past four weeks.

Gold News

Forex Today: US dollar sags amid fiscal overhang, mounting coronavirus risks

The US dollar remained on the defensive starting out a fresh week this Monday, extending last week’s softness, courtesy of the gridlock on the US fiscal stimulus.

Read more

WTI buyers attack $41.00 amid US-Iran tension, escalating virus woes

WTI remains heavy below 50-day SMA, drops from $41.18 to begin the week. The energy benchmark keeps trailing 50-day SMA for over two weeks while taking clues from the US-Iran tussle and the coronavirus (COVID-19) headlines. Hopes of further stimulus, China’s optimism favor energy bulls.

Oil News

Forex Majors

Cryptocurrencies

Signatures