EUR/USD climbs to daily highs above 1.1300


  • EUR/USD reclaims the 1.1300 mark and above on Friday.
  • The dollar gives away daily gains following the US opening.
  • US Producer Prices contracted 0.2% MoM in June.

The single currency left behind the negative start of the session and is now lifting EUR/USD back above 1.1300 the figure to print fresh daily highs.

EUR/USD regains ground on USD-weakness

EUR/USD has regained buying interest and it has returned to the area above the 1.1300 mark on Friday.

In fact, the greenback is now facing increasing downside pressure and tests daily lows when tracked by the US Dollar Index (DXY), all amidst a better mood in the risk-associated space. However, and despite the bounce in the pair, concerns over the relentless advance of the coronavirus pandemic carry the potential to undermine the recent upside momentum, prompting investors to remain highly cautious.

In the docket, nothing relevant in the euro area on Friday, while US Producer Prices contracted at a monthly 0.2% in June and 0.8% over the last twelve months. Core prices dropped 0.3% inter-month and rose 0.1% from a year earlier.

What to look for around EUR

Sellers in EUR/USD turned up after the pair hit fresh multi-week peaks around 1.1370 on Thursday, always supported by the solid improvement in the risk-associated universe. The constructive view in the euro, in the meantime, stays well and sound and supported by the improvement of key fundamentals in the region amidst the current (and massive) monetary stimulus by central banks. On top, the solid performance of the region’s current account is also adding to the attractiveness of the shared currency.

EUR/USD levels to watch

At the moment, the pair is gaining 0.24% at 1.1311 and a breakout of 1.1370 (monthly high Jul.9) would target 1.1422 (monthly high Jun.10) en route to 1.1495 (2020 high Mar.9). On the flip side, the next support lines up at 1.1168 (monthly low Jun.19) seconded by 1.1147 (high Mar.27) and finally 1.1046 (200-day SMA).

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

EUR/USD loses 1.1800 amid escalaing US-Sino tensions

EUR/USD dips sub-18 after the US reported an increase of 1.763 million jobs in July, better than estimated but pointing to a deceleration. Escalating Sino-American tensions are boosting the dollar and fiscal talks are eyed. 

EUR/USD News

GBP/USD resumes decline, weighed by UK concerns, US-China conflict

GBP/USD trades at fresh weekly lows below 1.3050 as the dollar got a sudden boost from mounting tensions between the world's two largest economies. UK Chancellor Rishi Sunak said the furlough scheme that is underpinning the economy cannot last forever.

GBP/USD News

Gold: Meteoric rally falters, closes the week below $2050

Dollar comeback poured cold water on gold’s record-breaking rally. US-China woes, US stimulus deadlock and upbeat NFP boosted the USD. The focus stays on US-China trade talks amid light US docket next week.

Gold News

Bitcoin may extend the recovery once Gold resumes the rally

Gold retreated from the recent highs, but the sentiments are still bullish. Cryptocurrencies resumed the upside, some altcoins are demonstrating strong gains. ETH/BTC stopped the downside correction and settled at $0.03300.

Read more

WTI extends slide toward $41, on track to post weekly gains

Crude oil prices continued to fall on Friday and the barrel of West Texas Intermediate (WTI) touched a daily low of $41.05 before recovering modestly.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures