EUR/USD Current price: 1.0895
- Financial markets keep moving on sentiment related to central banks’ announcements.
- United States Initial Jobless Claims resulted better than anticipated at 233K.
- EUR/USD turns bearish in the near term, aims to extend its slide.
The EUR/USD pair trades around its daily opening in the 1.0920 price zone, showing little directional aims throughout the day. The US Dollar finds modest demand ahead of Wall Street’s opening, as the market sentiment deteriorated following the poor performance of United States (US) indexes on Wednesday. Asian and European shares edged lower, weighing on US futures
Overall, financial markets remain cautious amid increased uncertainty about upcoming central banks’ monetary policy decisions. Tepid macroeconomic data and shifts in policymakers’ tone fueled concerns and resulted in panic-related movements.
The Eurozone did not publish relevant data, while the US just released Initial Jobless Claims for the week ended August 2, which decreased to 233K from a previously revised 250K, also beating expectations of 240K.
EUR/USD short-term technical outlook
The EUR/USD pair fell following the release of US employment-related data and pierces the 1.0900 mark. The daily chart shows it’s down for a third consecutive day and that technical indicators turned south, in line with the increased selling pressure. At the same time, the pair trades above all its moving averages, although the 20 Simple Moving Average (SMA) has lost its upward strength and turned flat at around 1.0870. The case for a steeper decline seems limited, albeit a break through 1.0890, the immediate support level, could exacerbate the decline.
In the near term, and according to the 4-hour chart, the risk skews to the downside. EUR/USD retreated sharply after repeatedly meeting sellers around a flat 20 SMA, somehow suggesting buyers capitulate. Technical indicators, in the meantime, head firmly south within negative levels, supporting another leg lower.
Support levels: 1.0890 1.0845 1.0800
Resistance levels: 1.0950 1.1005 1.1045
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.
Recommended Content
Editors’ Picks
Bitcoin sits at new record highs above $120,000
Bitcoin breaks above the key milestone level on Friday, setting a new all-time high above $120,00, with no signs of slowing. The technical outlook supports further gains as momentum indicators remain robust and price action firmly in price discovery mode, with the next potential target above $130,000.
EUR/USD keeps the red below 1.1700 amid US-EU trade tensions
EUR/USD remains in the red below 1.1700 in the European session on Monday. The Euro underperforms against the US Dollar, in the wake of rising risks of a US-EU trade war, especially after US President Trump threatened 30% tariffs on the EU from August 1. EU says its ready with retaliatory tariffs.
GBP/USD holds losses below 1.3500; vulnerable near multi-week low
GBP/USD enters a bearish consolidation phase in European trading on Monday, holding losses below the 1.3500 mark. Looming trade concerns dent risk sentiment and boost the haven dmeand for the US Dollar at the expense of the higher-yieding Pound Sterling.
Gold price trades with mild negative bias below multi-week top; bullish bias remains
Gold price eases from a multi-week top, though the downside potential seems limited. Reduced Fed rate cut bets underpin the USD and act as a headwind for the commodity. Rising trade tensions should limit any further losses for the safe-haven precious metal.
Meme coins to watch as Bitcoin hits record high
Meme coins Bonk, Dogwifhat, and Floki are positioned to extend gains as the weekly recovery reaches crucial resistance levels. The meme coins gain bullish momentum on the back of Bitcoin’s (BTC) recovery run, hitting a new all-time high on Thursday.
Best Brokers for EUR/USD Trading
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.