EUR/USD holds in range, hovering slightly below 1.1100


  • US data weight on US dollar, helping EUR/USD remain above 1.1060. 
  • Attention now turns to Fed’s Powell speech on Friday. 

The EUR/USD pair dropped toward the 1.1060 critical short-term support and managed to hold on top. Later rebounded but the recovery was capped below 1.1100. It was trading at 1.1085, flat for the day. 

EUR/USD unchanged on a busy day 

Earlier today the Euro peaked at 1.1112, following the release of better-than-expected advanced PMIs from the Eurozone. Later, the European Central Bank published the minutes from its latest policy meeting. According to the document, the ECB sees the slowdown likely to last longer than initially estimated. The minutes were ignored by market participants. Reuters recently reported the German central bank sees no need for fiscal stimulus by the government at the moment.

EUR/USD failed to hold above 1.1100 and pulled back. It bottomed at 1.1063, slightly above the 1.1060 critical support area. From the lows bounced to the upside, boosted by a weaker-than-expected PMI reading form the US. The data add to evidence about a slowdown. Around the same time, US President Trump argued via Twitter that the economy is doing really well and again criticized the Federal Reserve’s policy. 

Two Fed officials (George and Harker) signaled they don’t want more interest rate cuts at the moments. Those comments could have contributed to the rebound in US yields. The 10-year stands at 1.61%, the highest since Monday. The DXY is falling 0.12% and continues to trade in the range of the last four days. 

Despite all the reports, EUR/USD is flat compared to yesterday’s close and continues to move in a range between 1.1060 and 1.1115 consolidating. The next critical event is on Friday: Fed’s Powell will speak from Jackson Hole. 

More levels 

EUR/USD

Overview
Today last price 1.1086
Today Daily Change 0.0002
Today Daily Change % 0.02
Today daily open 1.1084
 
Trends
Daily SMA20 1.1141
Daily SMA50 1.1215
Daily SMA100 1.1217
Daily SMA200 1.1288
Levels
Previous Daily High 1.1108
Previous Daily Low 1.108
Previous Weekly High 1.1232
Previous Weekly Low 1.1066
Previous Monthly High 1.1373
Previous Monthly Low 1.106
Daily Fibonacci 38.2% 1.1091
Daily Fibonacci 61.8% 1.1098
Daily Pivot Point S1 1.1074
Daily Pivot Point S2 1.1063
Daily Pivot Point S3 1.1045
Daily Pivot Point R1 1.1102
Daily Pivot Point R2 1.1119
Daily Pivot Point R3 1.113

 

 

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