• EUR/USD snaps three-day uptrend, pressured near intraday low of late.
  • US dollar tracks firmer Treasury yields amid indecision over Fed’s tapering, covid woes.
  • German IFO number, US Durable Goods Orders will decorate the calendar but Powell’s Jackson Hole Symposium speech is the key.

EUR/USD holds lower ground near intraday low after snapping a three-day run-up during early Wednesday. That said, the currency-major pair drops 0.15% on a day surrounding 1.1730 heading into the European session.

The covid woes and fading vaccine optimism, as well as cautious mood ahead of the Jackson Hole Symposium event, underpin the US dollar’s safe-haven demand.

With this, the US Dollar Index (DXY) rises 0.17% daily to take a U-turn from the weekly low, not to forget marking the first positive day in the last four. In doing so, the greenback gauge follows the US 10-year Treasury yields, as the bond coupon stays firmer around 1.30% after rising the most in two weeks the previous day.

French covid hospitalizations jumped to a two-month high while Germany dropped incidence levels as key COVID-19 yardstick as the virus spreads inside the bloc. Additionally, Italy reports a jump in the daily virus-led deaths to 60 on Tuesday. It’s worth noting that the US Health Official Dr. Anthony Fauci’s expectations to get the COVID-19 under control during early 2022, provided faster jabbing, even the world’s largest economy battles multi-day high death tolls and rising infections at home.

Read: Investors suspect coronavirus apex in US and China

On Tuesday, softer US Richmond Fed Manufacturing Index data for August, 9 versus 25 expected, joined the first rise in the New Home Sales in four months and upbeat German GDP to weigh on the EUR/USD prices the previous day, amid risk-on mood. However, the mixed data currently looks to the US Durable Goods Orders for July, forecast -0.3% versus +0.9% prior, for further firming up odds favoring the need for easy money policies.

Read: Durable Goods Orders Preview: The trigger for a greenback comeback?

For an immediate direction, the German IFO sentiment figure for August could also help the EUR/USD traders after the previous day’s firmer GDP data from the bloc’s largest economy back the bulls. Above all, Fed Chair Jerome Powell’s speech the Jackson Hole becomes the key event of the week.

Technical analysis

Despite the recent pullback, EUR/USD keeps Tuesday’s break of the falling wedge bullish formation’s resistance line amid bullish MACD, which in turn keeps the buyers hopeful of crossing 20-DMA resistance near 1.1775 unless the quote drops back below 1.1715.

Additional important levels

Today last price 1.1736
Today Daily Change -0.0018
Today Daily Change % -0.15%
Today daily open 1.1754
Daily SMA20 1.1778
Daily SMA50 1.1824
Daily SMA100 1.196
Daily SMA200 1.2007
Previous Daily High 1.1765
Previous Daily Low 1.1727
Previous Weekly High 1.1801
Previous Weekly Low 1.1664
Previous Monthly High 1.1909
Previous Monthly Low 1.1752
Daily Fibonacci 38.2% 1.1751
Daily Fibonacci 61.8% 1.1742
Daily Pivot Point S1 1.1733
Daily Pivot Point S2 1.1711
Daily Pivot Point S3 1.1695
Daily Pivot Point R1 1.177
Daily Pivot Point R2 1.1787
Daily Pivot Point R3 1.1808



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 Join Telegram

Recommended content

Recommended content

Editors’ Picks

EUR/USD holds above 1.0700 after US inflation data

EUR/USD holds above 1.0700 after US inflation data

EUR/USD stays in the lower half of its daily range but continues to trade above 1.0700 in the early American session on Friday. The data from the US showed that the annual Core PCE Price Index declined to 4.9% in April as expected, making it difficult for the dollar to gather strength.


GBP/USD trades above 1.2600 as dollar struggles to find demand

GBP/USD trades above 1.2600 as dollar struggles to find demand

GBP/USD clings to daily gains above 1.2600 and remains on track to end the week in positive territory. The greenback struggles to attract investors after the data from the US showed that PCE inflation softened in April. 


Gold pulls away from daily highs, holds above $1,850

Gold pulls away from daily highs, holds above $1,850

Gold has lost its traction in the second half of the day on Friday and declined toward the $1,850 area. The benchmark 10-year US Treasury bond yield staged a modest rebound on the US PCE inflation data, not allowing XAU/USD to preserve its bullish momentum.

Gold News

Terra’s LUNA 2.0 support expands with Binance and Kraken welcoming the airdrop, here’s how you need to prepare

Terra’s LUNA 2.0 support expands with Binance and Kraken welcoming the airdrop, here’s how you need to prepare

Terra’s LUNA fork proposal has passed with 65.5% votes, Revival Plan 2 in action without algorithmic stablecoin UST. LUNA price could wipe out losses incurred by holders in the colossal crash of LUNC and UST. 

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!