EUR/USD consolidates the slide near 1.1250, US retail sales eyed


  • Dismal Eurozone data refuel global growth worries.
  • The Euro hammered broadly alongside risk assets.
  • Some consolidation likely ahead of US economic releases.

The bears appear to have taken a breather last hour, allowing a brief consolidative mode in the EUR/USD pair near the midpoint of the 1.12 handle, as they await the US macro releases for the next push lower.

The spot stalled its sell-off but remains within a striking distance of fresh weekly lows reached at 1.1244 after the much-awaited German and Eurozone manufacturing PMI numbers disappointed markets and re-ignited Euro area growth concerns that intensify global economic slowdown fears.

On the data release, the Euro eroded as much as 50-pips against its American counterpart and finally broke its range trade around the 1.13 handle witnessed so far this week. From a technical perspective, the major remained exposed to downside risks given the repeated failure to close above the 1.13 handle and the double top formed at the 1.1325 key resistance.

As explained by Haresh Menghani, FXStreet’s Analyst, “oscillators have been gaining negative traction on 4-hourly/daily charts but are already pointing to slightly oversold conditions on the 1-hourly charts, warranting some consolidation. However, the set-up now seems to have turned firmly in favor of bearish traders and hence, a follow-through weakness, towards testing the 1.1200 mark, remains a distinct possibility.”

Looking ahead, all eyes remain on the US data flow, including the key retail sales, Philly Fed manufacturing gauge and jobless claims, for further trading momentum, as the US dollar remains in weekly tops vs. its major peers amid souring risk appetite.

EUR/USD Technical Levels

EUR/USD

Overview
Today last price 1.1252
Today Daily Change -0.0044
Today Daily Change % -0.39
Today daily open 1.1296
 
Trends
Daily SMA20 1.1264
Daily SMA50 1.1298
Daily SMA100 1.1349
Daily SMA200 1.1443
Levels
Previous Daily High 1.1324
Previous Daily Low 1.1279
Previous Weekly High 1.1326
Previous Weekly Low 1.1213
Previous Monthly High 1.1448
Previous Monthly Low 1.1176
Daily Fibonacci 38.2% 1.1307
Daily Fibonacci 61.8% 1.1296
Daily Pivot Point S1 1.1275
Daily Pivot Point S2 1.1254
Daily Pivot Point S3 1.1229
Daily Pivot Point R1 1.132
Daily Pivot Point R2 1.1345
Daily Pivot Point R3 1.1366

 

 

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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD: Recovery could continue in the short-term

The EUR/USD pair has recovered some ground Friday, ending the week with modest gains at around 1.1050. The American dollar extended its slide as speculative interest couldn’t find a reason to keep on buying it. 

EUR/USD News

GBP/USD: Brexit hopes maintain Sterling afloat

The GBP/USD pair hit a daily high of 1.2918 on Friday, boosted by news indicating that the  Brexit Party has decided to step down from 43 additional constituencies where Labour won, facilitating the way for a Conservative majority.

GBP/USD News

USD/JPY: Pressuring resistance but without enough strength

The USD/JPY pair trimmed part of its weekly losses last Friday, closing the week in the red at around 108.80. Demand for safe-haven assets eased despite persistent tensions between the US and China.

USD/JPY News

Gold looks to close week with small gains below $1,470

The precious metal struggled to find demand on Friday as the upbeat market mood on renewed hopes of the United States and China reaching a trade deal to avoid a tariff hike in December caused investors to move away from safe havens.

Gold News

Crypto Today: Playing with the thin red line

BTC/USD has fallen below $8,500 during the Asian trading session. A close below this support level would put $7,500 on the trading table. ETH/USD is moving below the 50-period exponential moving average.

Read more

Forex MAJORS

Cryptocurrencies

Signatures