EUR/USD

The Euro cracked 1.1800 support as bears attempt to resume downtrend after Tuesday’s upside rejection and close below 1.1836 Fibo support (76.4% of 1.1704/1.2266 ascend) generated bearish signal.

The single currency maintains negative tone on the fact that Fed is well ahead of the ECB on the way towards normalizing monetary policy after coronavirus pandemic, while recent weaker than expected German economic data contributed to the weakness.

Daily technical studies are in bearish setup and favor further weakness, as clear break of 1.1800 handle would likely lead for an extension towards key short-term supports at 1.1704 (Mar 31 low) and 1.1694 (Fibo 38.2 of 1.0635/1.2349 rally, loss of which would signal reversal of med-term 1.0635/1.2349 uptrend.

The minutes of Fed’s June policy meeting is in focus as key event today, with expectations that the central bank would keep its hawkish stance that would further inflate dollar and increase pressure on the single currency.

Broken supports at 1.1836/47 (Fibo 76.4%/former low of June 18) reverted to resistances, followed by falling 10DMA (1.1873) which tracks the downtrend for over one month.

Res: 1.1800; 1.1836; 1.1847; 1.1873.
Sup: 1.1737; 1.1728; 1.1704; 1.1694.

EURUSD

Interested in EUR/USD technicals? Check out the key levels

    1. R3 1.1965
    2. R2 1.193
    3. R1 1.1877
  1. PP 1.1842
    1. S1 1.1789
    2. S2 1.1754
    3. S3 1.1701

The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

Feed news

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD: Dollar’s corrective decline soon to be over

The EUR/USD pair has recovered some ground after reaching a fresh 2021 low of 1.1523, finishing the week trading at around 1.1600. The American dollar gave up ground after the previous week´s sharp appreciation, although the shared currency was among its weakest rivals.

EUR/USD News

GBP/USD retreats below 1.3750 after US data

GBP/USD has pared some of its gains after US Retail Sales beat estimates, with the core group hitting 0.8% last month. Earlier, investors shrugged off dovish comments from two BOE members. 

GBP/USD News

Gold sellers defend $1,800, all eyes on US T-bond yields

Gold started the week in a calm fashion and spent the first two trading days fluctuating in a tight range above $1,750. With the US Treasury bond yields falling sharply, however, XAU/USD gathered bullish momentum and gained nearly 2% on Wednesday.

Gold News

Crypto bulls on winning streak pushing for more

Bitcoin price favors bulls reaching $60,000 by the end of this week and onwards to new all-time highs by the end of next week. Ethereum price broke a bearish top line and could hit new all-time highs by next week in tandem with Bitcoin. 

Read more

What is upsetting the US consumer?

For three months American consumers have told surveys they are unhappy. Not just mildly upset but suffering an attack of pessimism not seen in a decade.  Retail Sales in September wallop expectations for the second month in a row.

Read more

Majors

Cryptocurrencies

Signatures