EUR/USD Current Price: 1.1809

  • Equities fall on risk-aversion providing support to the greenback.
  • Poor US and German data are fueling the negative sentiment.
  • EUR/USD may accelerate its decline on a break below 1.1770.

Resurgent coronavirus cases weigh on the market’s mood this Monday, with EUR/USD under pressure, trading around 1.1810. The greenback, however, has limited bullish strength, as continued political noised in the US limits demand for the dollar. Investors are still waiting to hear about real progress in stimulus talks, while the presidential election looms.

European equities trade in the red, led by the German DAX which losses roughly 2.5%. The IFO survey showed that the Business Climate in the country contracted to 92.7 in October from 93.2, missing expectations. The assessment of the current situation surged to 90.3, but expectations over the future also fell coming in at 95.

Wall Street is set to open in the red, further weighed by poor US data. The September Chicago Fed National Activity Index fell from 1.11 in August to 0.27. The country will publish September New Home sales and the October Dallas Fed Manufacturing Business Index in the upcoming session.

EUR/USD short-term technical outlook

The EUR/USD pair is at risk of falling further, according to intraday technical readings. The 4-hour chart shows that the pair is developing below a mildly bearish 20 SMA, although above the 100 and 200 SMA. Technical indicators, in the meantime, have limited directional strength, but hold within negative territory. The pair has an immediate support level at 1.1770, the level to break to put the pair in the bearish path.

Support levels: 1.1770 1.1725 1.1680

Resistance levels: 1.1870 1.1915 1.1950

 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 clings to modest daily gains near 1.1350 after US data

EUR/USD stays afloat in the positive territory near 1.1350 in the early American session as the greenback struggles to gather strength on retreating US T-bond yields. The data from the US revealed that Housing Starts and Building Permits rose by 1.4% and 9.1% on a yearly basis in December, respectively.

EUR/USD News

GBP/USD holds its ground in the positive territory above 1.3600

GBP/USD holds above 1.3600 in the second half of the day on Wednesday supported by the modest selling pressure surrounding the dollar. The benchmark 10-year US Treasury bond yield stays in the red in the early American session and the US Dollar Index edges lower toward 95.50.

GBP/USD News

Gold: Bullish breakout exposes November monthly high at 1,877.15

Spot gold trades above $1,840 a troy ounce, at levels last seen in November 2021. The bright metal soared through the American session amid persistent concerns about inflation and volatile US government bond yields. 

Gold News

Shiba Inu price has a good chance to surge to $0.000040

A brief technical and on-chain analysis on Shiba Inu price. FXStreet's analysts evaluate why SHIB could advance further. 

Read more

Microsoft bets big on Metaverse with $69bln deal for Activision Blizzard

The move will give the tech giant access to Activision’s 390 million monthly users and headline franchises such as Call of Duty, Warcraft and Candy Crush. Find out why Microsoft has made this move.

Read more

Majors

Cryptocurrencies

Signatures