EUR/USD approaches a 1.1100 as the US dollar drops further versus majors

  • Euro having the best day versus the US dollar since December. 
  • EUR/USD heads for first weekly close in over a month. 

The EUR/USD pair rose further and printed a fresh weekly high at 1.1090. So far today it gained more than fifty pips, having the best daily performance since December. It holds firm near the top, slightly above the 20-day moving average around 1.1080.

A decline of the US dollar against majors boosted the EUR/USD pair. The US Dollar Index is falling for the second day in row, erasing the gains of the last two weeks. On Wednesday, DXY peaked at 98.20 and it stands at 97.46, the lowest in ten days. In Wall Street risk aversion dominates the trading session. The Dow Jones falls 1.40% and the Nasdaq 1.05%. The 10-year yield is at a three-month low at 1.52%, about to test October lows. 

Despite falling versus majors during the American session, the greenback remains strong against emerging currencies on the back of the negative market sentiment prevailing. 

Week ahead 

After falling for five consecutive weeks, EUR/USD is about to post the first positive close. The pair started to rise after the FOMC meeting. However, fears about the economic impact of the coronavirus are the main driver for markets and will likely continue to be next week. 

US economic data released over the week had a limited impact. Next week reports include the ISM manufacturing, housing data and the critical employment report on Friday. Analysts will look not only for the NFP number but also to wage trends. In the Eurozone, the December retail sales report will be released. 


Today last price 1.106
Today Daily Change 0.0028
Today Daily Change % 0.25
Today daily open 1.1032
Daily SMA20 1.1096
Daily SMA50 1.1099
Daily SMA100 1.1072
Daily SMA200 1.1128
Previous Daily High 1.1039
Previous Daily Low 1.1002
Previous Weekly High 1.1118
Previous Weekly Low 1.102
Previous Monthly High 1.124
Previous Monthly Low 1.1002
Daily Fibonacci 38.2% 1.1025
Daily Fibonacci 61.8% 1.1016
Daily Pivot Point S1 1.101
Daily Pivot Point S2 1.0987
Daily Pivot Point S3 1.0973
Daily Pivot Point R1 1.1047
Daily Pivot Point R2 1.1061
Daily Pivot Point R3 1.1084



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

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

Subscribe Today!    

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD slides under 1.16 as US Retail Sales smash estimates

EUR/USD is trading under 1.16 after US Retail Sales smashed estimates with 0.7% in September. Treasury yields are rising. The risk-on mood continues to underpin the pair, as the ECB policymaker Wunsch dismisses inflation concerns. 


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. 


XAU/USD slumps to $1,770 area on upbeat US data, surging US bond yields

Gold started the last day of the week on the back foot and extended its slide to a fresh daily low of $1,770 in the early trading hours of the American session pressured by the dollar's resilience and surging US Treasury bond yields.

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

Why is Tesla going up?

Tesla's (TSLA) stock price has finally pushed higher in a series of steady and sure moves. We had nearly given up on our bullish call with Tesla stock as it kept struggling around the $800 level.

Read more