EUR/USD: Biased lower with immediate support at 1.1760

The EUR/USD pair trades around the 1.1800 level, after reaching a fresh September monthly low of 1.1736 this Thursday, biased lower according to intraday technical readings. However, receding demand for the greenback may keep euro/dollar afloat, FXStreet’s Chief Analyst Valeria Bednarik reports. 

Key quotes

“US policymakers maintained the monetary policy on hold and repeated the pledge to do whatever is necessary to support the economy. Yet, at the same time, they noted economic progress hinting no action required at the time being. Equities came under strong selling pressure, although European indexes are now bouncing from intraday lows, trimming most of their early losses, putting the greenback under pressure.”

“The 4-hour chart shows that the EUR/USD pair remains below all of its moving averages, with the 20 SMA gaining bearish strength, although all of them confined to a tight range. Technical indicators, in the meantime, corrected oversold readings but turned back south within negative levels.” 

“The risk is skewed to the downside, with lower lows expected on renewed selling pressure below 1.1760, the immediate support.”


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.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

AUD/USD: Consolidates heaviest gains in two weeks above 0.7100 amid cautious optimism

AUD/USD eases from weekly high of 0.7137 marked on Wednesday. Virus woes, dovish tone of Fed’s Bullard also probe the optimists. RBA’s Debelle, NAB Business Confidence will offer immediate direction, risk news remain as the main driver.


USD/JPY bounces off monthly low towards 105.00 as market optimism fades

USD/JPY retraces the biggest losses in two months from 104.34. S&P 500 Futures, Nikkei 225 drop around 0.50%, stocks in Pacific are also down. Japan’s All Industry Activity Index, risk catalysts will be the key to watch.


Gold bulls await fresh clues to probe monthly top below $1,950

Gold buyers catch a breather above $1,920 after posting the biggest gains in a fortnight. COVID-19 data from US states, Victoria propel fears of wider wave 2.0. US Initial Jobless Claims, aid package updates will be the key.

Gold News

WTI: Buyers lurk around 100-day EMA

WTI bounces off $39.83, the lowest in one week, to battle 50% Fibonacci retracement. EIA inventories recovered from -3.818M prior, -1.021M forecast. The energy benchmark dropped the lowest since October 15 the previous day.

Oil News

2020 Elections: Trump is is showing signs of a comeback, will the dollar follow?

"It ain't over till the fat lady sings" – goes the adage which is relevant for the 2020 Presidential Elections as well. Two weeks ahead of election day, there are signs that incumbent Donald Trump is clawing back some support, raising the chances that the race could drag on for longer.

Read more