EUR/USD finds some support ahead of mid-1.1200s amid a modest USD pullback

   •  The shared currency remains depressed amid slowdown fears in the region’s core economies.
   •  A modest USD profit-taking lends some support and eases the prevalent bearish pressure. 

The EUR/USD pair reversed an early European session dip to fresh 2019 lows and quickly recovered around 25-30 pips, albeit lacked any strong follow-through.

The pair extended its bearish trajectory from levels beyond the key 1.1500 psychological mark and lost some additional ground on Tuesday. The pair fell to an intraday low level of 1.1258 - the lowest level since Nov. 13, albeit managed to find some support at lower levels amid a modest US Dollar pull-back.

Despite a follow-through uptick in the US Treasury bond yields and news of the deal to avert a fresh government shutdown, the greenback failed to capitalize on the recent rally to multi-week tops and was seen as one of the key factors that extended some support to the major, at least for the time being. 

The uptick, however, lacked any strong conviction and remained capped amid growing market concerns about the health of the Euro-zone's economic growth, further reaffirmed by Bundesbank President Jens Weidmann's comments this Tuesday, which now seems to have pushed the ECB's planned rate hike to 2020. 

Hence, it would be prudent to wait for a strong follow-through recovery before confirming that the pair might have formed a near-term bottom and positioning for any further near-term appreciating move as the focus now shifts to scheduled speeches by several FOMC officials, including the Fed Chair Jerome Powell.

Technical levels to watch


    Today Last Price: 1.1278
    Today Daily change %: 0.02%
    Today Daily Open: 1.1276
    Daily SMA20: 1.139
    Daily SMA50: 1.1398
    Daily SMA100: 1.1421
    Daily SMA200: 1.1541
    Previous Daily High: 1.1332
    Previous Daily Low: 1.1267
    Previous Weekly High: 1.1462
    Previous Weekly Low: 1.132
    Previous Monthly High: 1.1586
    Previous Monthly Low: 1.1289
    Daily Fibonacci 38.2%: 1.1292
    Daily Fibonacci 61.8%: 1.1307
    Daily Pivot Point S1: 1.1252
    Daily Pivot Point S2: 1.1228
    Daily Pivot Point S3: 1.1188
    Daily Pivot Point R1: 1.1316
    Daily Pivot Point R2: 1.1356
    Daily Pivot Point R3: 1.138


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 extends gains to 1.1200 on sliding US yields, weak data

EUR/USD is trading close to 1.1200, in the wake of the European session as US yields continue falling. The European Parliament elections are in play. US durable goods fell short of expectations with -2.1%. 


GBP/USD off the highs as May announces stepping down on June 7th

GBP/USD is trading below 1.2700 after a quick rise to the upside as UK PM Theresa May announced she will step down on June 7th with Boris Johnson set to take over.


USD/JPY extends slide and looks for a test of May’s low

The USD/JPY pair dropped further ahead of the London fix on the back of a decline of the US Dollar across the board and a pullback in equity prices. 


Gold: Bullish flag pattern spotted on 1-hourly chart

The lower end of the descending trend-channel coincides with 200-hour EMA support and should act as a key pivotal point for intraday traders. 

Gold News

The market may surprise on the upside in the next few hours with BTC/USD topping $8,250

We reach the end of a week can be characterized as a week of transition. After the strongly bullish days of the beginning of the month, cryptos have reached critical levels of resistance...

Read more