The Euro remains offered in early Thursday's trading and extended weakness to five-week low (1.1737).
The pair holds in red for the third straight day, following multiple upside rejections that left daily candles with long upper shadows, pointing to recovery stall and reversal.
Upbeat report from Fed, which pointed economic recovery and upgraded its projections, although sticking to prolonged ultra-accommodative policy, lifted the dollar and deflated the single currency.
Today's probe below pivotal supports at 1.1754/52 (21 Aug/9 Sep lows) was bearish signal which may open way towards key supports at 1.1700 zone (1.1711, recent range low of 12 Aug/1.1695, daily cloud top and 1.1689, Fibo 38.2% of 1.1168/1.2011 rally). Break of these supports would generate initial reversal signal and risk deeper correction of Mar/Aug 1.0635/1.2011 ascend. Rising bearish momentum and descending stochastic and RSI on daily chart, support the notion, however, fresh bears are expected to face strong headwinds from key supports and rising thick daily cloud.
The cluster of daily MA at 1.1824/36 zone marks initial resistance and near-term action is expected to remain biased lower while these barriers cap.
Alternatively, break and close above would ease bearish pressure and keep the price in the middle of the range. After Fed delivered its verdict, markets focus on today's key events: Eurozone inflation report for August, BoE's interest rate decision and US jobless claims.

Res: 1.1824; 1.1836; 1.1874; 1.1900
Sup: 1.1752; 1.1737; 1.1711; 1.1695



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

    1. R3 1.1964
    2. R2 1.1924
    3. R1 1.187
  1. PP 1.1829
    1. S1 1.1775
    2. S2 1.1734
    3. S3 1.168

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.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Analysis

Latest Forex Analysis

Editors’ Picks

EUR/USD challenges weekly lows after mixed Durable Goods Orders

US Durable Goods Orders were up a measly 0.4% in August, missing expectations of 1.0%, although Nondefense Capital Goods Orders ex Aircraft jumped 1.8%. Equities bounce from lows, but the dollar maintains its strength.


GBP/USD loses 1.2700 as the dollar keeps rallying

GBP/USD approaches its weekly low at 1.2674 as demand for the American currency extends into the final trading session of the week. Hopes for a UK trade deal with the EU doing little for Sterling.


Gold: Finally some rest bite as XAU/USD holds at $1865 per ounce

It has not been the best week for the gold bugs as the yellow metal has fallen 4.36% since Monday. At the end of the week, the price has started to consolidate at the USD 1865 per ounce area. 

Gold News

Breaking: ​​​​​​​The IRS makes it hard to pretend you don’t have Bitcoin

The cryptocurrency holders might have a hard time trying to hide their Bitcoins or other digital assets. IRS considers changing the standard 1040 form by including a bold question on the front page:  At any time during 2020, did you sell, receive, send, exchange, or otherwise acquire any financial interest in any virtual currency? 

Read more

WTI moves back to flat and once again trades above $40 per barrel

It has been a mixed Friday for WTI as the price is moving sideways heading into the weekend. All of the excitement was last week when the OPEC+ JMMC decided to keep output levels at their current rate until December.

Oil News

Forex Majors