EUR/USD hovering near weekly peak, eyes US Retail Sales


  • EUR/USD is mildly bid above 1.1150 at press time. 
  • The upside is favored if treasury yields extend Wednesday's drop. 
  • Later in the day, the focus will be on US Retail Sales release. 

EUR/USD exited a two-week-long bearish channel on Wednesday and is now trading just a few pips short of the weekly tops near 1.1160.

Dollar offered as T-yields dropped

The single currency traded on a positive note on Wednesday, helping EUR/USD exit a falling channel despite below-forecast Industrial Production and softer Eurozone trade surplus.

Markets offered US dollars as treasury yields slipped amid the rally in the US stocks, triggered by the optimism of the US-China phase-one trade deal.  

Notably, the US 10-year yield fell by nearly three basis points to 1.78% on Wednesday, having declined by five basis points on a preceding day.

If the softer tone in the treasury yields persists, EUR/USD could continue to gain altitude. The bid tone, however, would weaken if the German inflation data, due at 07:00, prints below initial estimates.

Later in the day, all the attention will be on the US Retail Sales, which are forecasted to have risen by 0.3% month-on-month in December, following November's 0.2% rise.

Technical levels

The bearish channel breakout seen in the daily chart indicates the pullback from recent highs near 1.1240 has ended and the spot could rise back above 1.12. The bullish move, however, will likely remain elusive if the US Retail Sales beat estimates by a big margin, reinforcing expectations for a stronger economic performance in 2020. On the downside, key supports are located at 1.1085 (Jan. 10 low), 1.1066 (Dec. 20 low). 

EUR/USD

Overview
Today last price 1.1153
Today Daily Change 0.0001
Today Daily Change % 0.01
Today daily open 1.1152
 
Trends
Daily SMA20 1.1142
Daily SMA50 1.1095
Daily SMA100 1.1068
Daily SMA200 1.1138
 
Levels
Previous Daily High 1.1164
Previous Daily Low 1.1118
Previous Weekly High 1.1208
Previous Weekly Low 1.1085
Previous Monthly High 1.124
Previous Monthly Low 1.1002
Daily Fibonacci 38.2% 1.1147
Daily Fibonacci 61.8% 1.1136
Daily Pivot Point S1 1.1126
Daily Pivot Point S2 1.1099
Daily Pivot Point S3 1.108
Daily Pivot Point R1 1.1172
Daily Pivot Point R2 1.1191
Daily Pivot Point R3 1.1218

 

 

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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD remains bid and approaches 1.1650 after US data

The persevering selling pressure in the greenback helps EUR/USD advancing to the area of daily highs near 1.1650 on Friday. The data from the US showed on Friday that the economic activity in the private sector continued to expand at a robust pace in early October.

EUR/USD News

GBP/USD treads water near 1.3800 after mixed UK data

GBP/USD came under bearish pressure in the early European session after the data from the UK showed an unexpected contraction in September Retail Sales. However, the British pound managed to pare its losses with the Markit PMI figures surpassing analysts' estimates.

GBP/USD News

GBP/USD treads water near 1.3800 after mixed UK data

GBP/USD came under bearish pressure in the early European session after the data from the UK showed an unexpected contraction in September Retail Sales. However, the British pound managed to pare its losses with the Markit PMI figures surpassing analysts' estimates.

GBP/USD News

Crypto bulls unfazed by flash crash

BTC closed more than 5% lower on the Thursday session, but buyers have stepped in to hold the Tenkan-Sen as support. ETH action shows that the recent rejection has caused some indecision. XRP does not have far to move to initiate a massive bullish breakout.

Read more

Apple talks over battery supplies for EV stall-Reuters

Apple (AAPL) is on a steady move higher ahead of results next week. We have had solid earnings from big names already such as Tesla (TSLA) and Netflix (NFLX), but Apple is the biggest one of all and will be the highlight of the earnings season for many.

Read more

Forex MAJORS

Cryptocurrencies

Signatures