EUR/USD Current Price: 1.2120

  • EU Industrial Production improved by more than anticipated in April.
  • Stock markets are consolidating around Friday’s closing levels.
  • EUR/USD in recovery mode but lacking directional momentum.

The EUR/USD pair is marginally higher at the beginning of the week, trading above the 1.2100 threshold. Trading across the FX board is limited amid a scarce macroeconomic calendar and as investors prepare for the US Federal Reserve monetary policy decision, to be out on Wednesday.

Stocks markets offer no many clues, as European indexes trade within positive levels, although a handful of points away from their daily openings. US Treasury yields hold near their recent lows, unchanged on a daily basis.

Data wise, the EU published April Industrial Production, which improved 0.8% MoM and 39.3% YoY, much better than anticipated. The US won’t publish macroeconomic data this Monday.

EUR/USD short-term technical outlook

The EUR/USD pair has limited bullish potential, according to intraday technical readings. The 4-hour chart shows that the pair keeps developing below all of its moving averages, with the 20 SMA maintaining its bearish slope and about to cross below the 200 SMA. Technical indicators are recovering from oversold readings, still within negative levels. The pair could resume its decline on a break below 1.2092, the monthly low and the immediate support level.

Support levels: 1.2090 1.2050 1.2010

Resistance levels: 1.2125 1.2160 1.2200  

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 extends gains beyond 1.1820 after US data miss

EUR/USD is trading near weekly highs above 1.1820, as the greenback eases with worse than anticipated data and ahead of the US Federal Reserve decision. US Durable Goods Orders missed estimates with +0.8% in June.

EUR/USD News

GBP/USD recaptures 1.38 as the dollar pares gains

GBP/USD is trading above 1.38, as the safe-haven dollar gains have faded away after a risk-off mood earlier in the day. The pound benefited from the drop in British covid cases. 

GBP/USD News

Gold battles $1,800 as USD lingers near highs

Gold prices loiter near the $1,800 mark for the past five trading sessions. The US dollar remains steady near the four-month high ahead of the Fed’s interest rate decision. The prices moved cautiously despite the general negative sentiments surrounding the greenback.

Gold News

Crypto markets bleed after Amazon denies rumors; uptrend intact

Bitcoin price is experiencing a pullback after rallying 38% to tag $40,000. Ethereum price promptly follows BTC as it eyes a retracement to the $2,018 support level.

Read more

FX: 10 things to watch this week

Taking a look at the economic calendar, it is set to be a busy week for the forex market. There’s a central bank rate decision, GDP, inflation and employment reports scheduled for release. A number of big tech companies have ...

Read more

Majors

Cryptocurrencies

Signatures