• EUR/USD pair continues its upward trajectory, capitalizing on the weakening US Dollar, with the pair trading around 1.0942.
  • The decline in US Treasury bond yields acts as a significant factor undermining the US Dollar, aiding the Euro's strength.
  • Potential for rate cuts of the Federal Reserve, underpins the EUR/USD.
  • Key ECB Gouverning Council members, push back against rate cuts.

The shared currency continues to gain traction against the Greenback on Monday, which remains battered as US Treasury bond yields continue to edge lower, a headwind for the buck. Even though the economic outlook in the Eurozone (EU) is pessimistic, the EUR/USD’s rally continues, sponsored by a soft US Dollar. At the time of writing, the EUR/USD is trading at 1.0942, with buyers targeting the 1.1000 figure, late in the week.

Euro rises vs. US Dollar as market participants await crucial economic releases

The US Dollar (USD) remains weak for the second consecutive trading day. The US Dollar Index (DXY), a measure that tracks the buck’s value against six currencies, dropped 0.34%, is at 103.46, and remains the primary reason for the Euro’s (EUR) strength. According to the futures market, the latest inflation report in the United States (US) has increased the odds for rate cuts by the US Federal Reserve (Fed) next year.

The calendar would feature the release of the Federal Reserve’s Open Market Committee (FOMC) last meeting minutes on Tuesday. On Wednesday, unemployment claims will be released, followed by the Chicago Fed National Activity Index and Flash PMI figures on their preliminary readings for November.

Across the pond, the EU’s docket would release November PMIs, Germany’s IFO survey, and the latest European Central Bank (ECB) meeting minutes.

On the central bank front, ECB´s member Hernandez de Cos said the current level of rates should be enough, while Wunsch stressed that bet on rate cut reduction could trigger another hike by the EU’s central bank. The Bundesbank President and ECB’s Governing Council member Joachim Nagel pushed back against rate cuts, while Holtzmann said the ECB is ready for additional tightening, “if necessary.”  

 EUR/USD Technical Levels

EUR/USD

Overview
Today last price 1.0946
Today Daily Change 0.0037
Today Daily Change % 0.34
Today daily open 1.0909
 
Trends
Daily SMA20 1.0686
Daily SMA50 1.0633
Daily SMA100 1.0792
Daily SMA200 1.0805
 
Levels
Previous Daily High 1.0909
Previous Daily Low 1.0825
Previous Weekly High 1.0909
Previous Weekly Low 1.0665
Previous Monthly High 1.0695
Previous Monthly Low 1.0448
Daily Fibonacci 38.2% 1.0877
Daily Fibonacci 61.8% 1.0857
Daily Pivot Point S1 1.0853
Daily Pivot Point S2 1.0797
Daily Pivot Point S3 1.0768
Daily Pivot Point R1 1.0937
Daily Pivot Point R2 1.0965
Daily Pivot Point R3 1.1021

 

 

Share: Feed news

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD consolidates below 1.0950 ahead of ECB policy announcements

EUR/USD consolidates below 1.0950 ahead of ECB policy announcements

EUR/USD turns sideways below 1.0950 in Thursday’s European session after rallying to a fresh four-month high on Wednesday. The pair trades with caution, as investors shift to the sidelines ahead of the European Central Bank policy meeting, which will be announced at 12:15 GMT.

EUR/USD News

GBP/USD drops below 1.3000 after UK jobs data

GBP/USD drops below 1.3000 after UK jobs data

GBP/USD is dropping below 1.3000 in the European session, correcting further from the 2024-high set at 1.3045 on Wednesday. The UK data showed that the ILO Unemployment Rate held steady at 4.4% in the quarter to May, as expected, weighing on the Pound Sterling.

GBP/USD News

Gold price remains stronger due to rising expectations of Fed rate cuts

Gold price remains stronger due to rising expectations of Fed rate cuts

Gold price (XAU/USD) edges higher to near $2,470 per troy ounce on Thursday, remaining close to record highs amid growing optimism that the Federal Reserve (Fed) will reduce rates in September.

Gold News

Billionaire Mark Cuban highlights Silicon Valley's increasing support for former President Trump as a “Bitcoin Play”

Billionaire Mark Cuban highlights Silicon Valley's increasing support for former President Trump as a “Bitcoin Play”

Bitcoin (BTC) faces resistance and stalls at around the $65,000 mark on Thursday, while on-chain data indicate a rise in holdings among short-term investors, coupled with a slight increase in inflows at US spot Bitcoin ETFs.

Read more

European Central Bank widely expected to keep interest rates unchanged in July

European Central Bank widely expected to keep interest rates unchanged in July

The European Central Bank is set to leave key rates unchanged after July policy meeting. ECB President Christine Lagarde will be questioned about the possibility of a rate cut in September.

Read more

Forex MAJORS

Cryptocurrencies

Signatures