EUR/USD Current Price: 1.1211

  • US Federal Reserve’s head Powell cautiously optimistic about the economy.
  • EU inflation recovered to 0.3% YoY in June, according to preliminary estimates.
  • EUR/USD at risk of falling, immediate support at 1.1170.

The EUR/USD pair struggles to hold above the 1.1200 level ahead of the US opening, as the greenback is generally stronger against its major rivals, on the back of encouraging words from Fed’s chief Jerome Powell. While he remarked the “extraordinary uncertainty” to the economic outlook related to the ongoing pandemic, some macroeconomic figures are pointing in the right direction. Cautious but optimistic, the Fed’s chief provided support to the greenback.

The EU published the preliminary estimate of June inflation, which rose by 0.3% when compared to a year earlier, better than anticipated. The core reading, however, retreated to 0.8% as expected. The US session will bring Chicago PMI for June, foreseen at 45, and Consumer Confidence. As mentioned, US Fed’s Powell will testify alongside Treasury Secretary Mnuchin.

EUR/USD short-term technical outlook

The EUR/USD pair continues to trade within familiar levels, offering a neutral-to-bearish short-term stance. In the 4-hour chart, the pair remains below all of its moving averages, with a bearish 20 SMA capping advances. Technical indicators head lower, although the Momentum remains around its midline, indicating limited selling interest.

Support levels: 1.1170 1.1125 1.1080

Resistance levels: 1.1230  1.1270 1.1310

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 bounces after upbeat COVID-19 cure news

EUR/USD is trading above 1.13, rebounding from the lows. Gilead reported that its drug Remdesevir substantially reduces mortality among COVID-19 patients. The news boosted stocks and weighed on the dollar. US coronavirus statistics are due out.


GBP/USD recaptures 1.26 as the market mood improves

GBP/USD is trading above 1.26 as the market mood improves and the safe-haven dollar retreats. Investors are shrugging off Brexit concerns and focusing on hopes to cure coronavirus. US COVID-19 statistics are due out.


XAU/USD consolidates daily gains above $1,800

After advancing to its highest level since September of 2011 at $1,818 on Wednesday, the XAU/USD pair staged a correction and briefly dropped below $1,800 on Thursday.

Gold News

Cryptocurrencies: War for dominance hit the bedrock of the market

Bitcoin tried to regain market share and activated sales in the Altcoin segment. BTC/USD, ETH/USD and XRP/USD are looking for supports and a rebound to push them to new elative highs. The current compression on the XRP/USD chart could trigger an exploding movement.

Read more

WTI once again breaks $40 per barrel after trading lower in early EU trade

There has been quite the bounce in WTI since the EU session after some strong selling pressure during Thursday and overnight. Once again on Friday's session, the price has taken the USD 40 per barrel handle. 

Oil News

Forex Majors