EUR/USD holding on above 1.1200 ahead of Draghi, ZEW


  • EUR/USD moves to the 1.1235/40 band, or daily highs.
  • ECB Draghi speaks at the Sintra Forum.
  • German, EMU ZEW survey next on the docket in Euroland.

The bid tone surrounding the shared currency remains well and sound so far this week and is now lifting EUR/USD to the area of daily highs in the boundaries of 1.1240.

EUR/USD now looks to Draghi, data

Spot is extending the optimism in the first half of the week, putting further distance from Monday’s lows in the 1.1200 neighbourhood amidst some selling pressure around the buck.

In the meantime, US-China trade tensions and rumours on potential rate cut by the Fed in the near term continue to be the exclusive drivers of the markets’ sentiment for the time being.

Later in the day, President M.Draghi will speak at the ECB Forum in Sintra (Portugal), while the publication of the ZEW survey in Germany and Euroland should also keep the attention on the European currency.

What to look for around EUR

The broad-based risk-appetite trends and USD-dynamics should dictate the sentiment surrounding the European currency for the time being, all in combination with developments from the US-China trade spat. On the political front, Italian politics is expected to remain a source of uncertainty and volatility for EUR, with the centre of the debate gyrating around the country’s opposition to EU fiscal rules as well as the challenging tone from LN’s M.Salvini. EUR, however, is expected to remain under scrutiny amidst the renewed dovish stance from the ECB and the ongoing slowdown in the region.

EUR/USD levels to watch

At the moment, the pair is gaining 0.11% at 1.1230 and a break above 1.1347 (high Jun.7) would target 1.1356 (200-day SMA) en route to 1.1448 (monthly high Mar.20). On the other hand, initial support aligns at 1.1202 (low Jun.14) seconded by 1.1200 (low Jun.6) and finally 1.1115 (low May 30).

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

GBP/USD stays below 1.3350 on poor UK PMIs

GBP/USD hits fresh session lows of 1.3335 following an unexpected drop in the UK's Preliminary Manufacturing and Service PMI reports. However, the downside appears capped amid growing Brexit optimism. 

GBP/USD News

EUR/USD keeps range around 1.1130 on downbeat PMIs

EUR/USD trims gains to trade near 1.1130 region after the sentiment around the euro was dented by the disappointing German and Eurozone Preliminary Manufacturing PMIs. Trade concerns also keep the gains limited. 

EUR/USD News

The phantom of fear pierces crypto market foundations

Negative technical indicators are extremely volatile and are approaching a technical rebound. Ethereum has fundamentals in play versus Bitcoin which could be lethal. XRP is not immune to downfalls and adds to the dangerous game of critical supports.

Read more

Gold consolidates in a range, flat-lined around $1475 level

Gold extended its sideways consolidative price action through the early European session on Monday and remained confined in a narrow trading band near the $1475 region.

Gold News

USD/JPY: Holding on to higher ground but lacking momentum

Positive developments between the US and China keep the mood up. Japanese data mixed, industrial figures continue disappointing. USD/JPY needs to advance beyond 109.72, December monthly high.

USD/JPY News

Forex MAJORS

Cryptocurrencies

Signatures