EUR/USD consolidates daily losses, looks to close below 1,1700

EUR/USD touched its lowest level since November at 1.1666 on Thursday.
US Dollar Index stays in the positive territory near 92.50.
Market mood remains sour despite upbeat US Jobless Claims data.

Eren Sengezer FXStreet

The EUR/USD pair broke below 1.1700 for the first time in 2021 and reached its lowest level since November at 1.1666 on Thursday. With the greenback preserving its strength in the second half of the day, the pair is struggling to recover its losses and was last seen losing 0.2% on a daily basis at 1.1687.

DXY continues to push higher after FOMC Minutes

The decisive rally witnessed in the US Dollar Index (DXY) after the FOMC's July meeting minutes reaffirmed expectations for the Fed to start asset tapering before the end of the year weighed heavily on EUR/USD. The DXY, which reached its strongest level in more than nine months at 93.52, is currently up 0.36% at 93.49.

Additionally, the steep decline seen in major European equity indexes and Wall Street's poor performance helped the safe-haven USD outperform its risk-sensitive rivals.

Although the data published by the US Department of Labor revealed on Thursday that the Initial Jobless Claims fell to its lowest level since the beginning of the coronavirus pandemic at 348,000, it failed to help market mood improve.

There won't be any high-tier macroeconomic data releases on Friday and the market's risk perception alongside the USD's valuation are likely to continue to impact EUR/USD's movements.

Technical levels to watch for

EUR/USD

Overview
Today last price	1.1688
Today Daily Change	-0.0023
Today Daily Change %	-0.20
Today daily open	1.1711

Trends
Daily SMA20	1.1793
Daily SMA50	1.1857
Daily SMA100	1.1962
Daily SMA200	1.2009

Levels
Previous Daily High	1.1743
Previous Daily Low	1.1694
Previous Weekly High	1.1805
Previous Weekly Low	1.1706
Previous Monthly High	1.1909
Previous Monthly Low	1.1752
Daily Fibonacci 38.2%	1.1724
Daily Fibonacci 61.8%	1.1713
Daily Pivot Point S1	1.1689
Daily Pivot Point S2	1.1667
Daily Pivot Point S3	1.164
Daily Pivot Point R1	1.1738
Daily Pivot Point R2	1.1765
Daily Pivot Point R3	1.1787

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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