EUR/USD Current Price: 1.1972

  • Risk appetite dominated the financial board and put further pressure on the greenback.
  • US Fed’s chair Jerome Powell reiterated his well-known stance of holding back rate hikes.
  • EUR/USD trades at fresh April highs may correct lower in the near-term.

The EUR/USD pair neared 1.2000 this Wednesday, as Wall Street rallied to record highs, with risk-appetite weighing on the greenback. Comments from US Federal Reserve chief Jerome Powell who repeated his well-known conservative stance. He repeated that it is highly unlikely that the Fed would raise rates before the end of 2022,  adding that the US economy is at an inflexion point and heading “a period of faster growth, more job creation.”

The EU published February Industrial Production, which contracted 1% MoM and fell by 1.6% YoY.  The US released the March Import Price Index, which rose 1.2% MoM and the Export Price Index for the same month that was up by 2.1%, both beating the market’s expectations. On Thursday, Germany will publish the final version of March inflation figures, while the US will release March Retail Sales, Initial Jobless Claims and the Philadelphia Fed Manufacturing Survey.

EUR/USD short-term technical outlook

The EUR/USD pair trades in the 1.1970 price zone, up for a third consecutive day. The near-term picture keeps favoring the upside, although the bullish potential remains limited. The 4-hour chart shows that the pair is developing well above a bullish 20 SMA, which crossed above the longer ones. Technical indicators are retreating from overbought readings but hold well above their midlines. A corrective decline could extend down to the 1.1910 price zone, but as long as the pair holds above such a level, the risk will remain skewed to the upside.

Support levels: 1.1950 1.1910 1.1870  

Resistance levels: 1.2000 1.2045 1.2090

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.

Feed news

Latest Forex Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD holds above 1.22 as the dollar slides across the board

EUR/USD has extended its gains and has topped 1.22, the highest since February. The safe-haven dollar is weakening amid the risk-on mood and as the Fed sticks to its dovish policy. US housing figures were mixed. The Fed's Bostic is set to speak later. 

EUR/USD News

GBP/USD extends corrective slide below 1.4200

GBP/USD trades around 1.4180, retreating from 1.4219, the highest since February. Britain's unemployment rate surprisingly dropped to 4.8% as the reopening continues. The dollar is on the back foot amid the upbeat market mood.

GBP/USD News

XAU/USD consolidates below $1870 amid risk-on mood

Gold price has entered a phase of upside consolidation, having faced rejection once again above $1870. The gold price looks unimpressed by the latest leg down in the US dollar, amid dovish Fed expectations.

Gold News

SEC attempts to block XRP holders from presenting evidence in Ripple case

The Securities & Exchange Commission filed another objection to the motion to intervene by XRP holders. The government agency argues that allowing third-party defendants into the case would “sow chaos” into the litigation.

Read more

Coinbase reveals intention to raise $1.25 billion following direct listing

Since its debut on the Nasdaq, Coinbase’s share price has merely collapsed. Given the recent weakness in its stock price, the leading cryptocurrency exchange is looking for a further cash injection. 

Read more

Majors

Cryptocurrencies

Signatures