EUR/USD jumps to fresh daily highs above 1.1250 as the US dollar tumbles

  • EUR/USD breaks above 1.1250, remains below the 20-day SMA.
  • US dollar weakens across the board, DXY turns negative.

The EUR/USD pair erased losses and jumped to 1.1256, hitting a fresh daily high. Earlier on Tuesday bottomed at 1.1190, matching last Thursday’s low. The rebound was driven by a decline of the US dollar across the board but the euro lagged behind other pairs due to the slide in EUR/GBP.

As of writing, EUR/USD trades at 1.1255, slightly below the daily top. The immediate resistance is seen at 1.1270 and a firm break above would strengthen the positive momentum, for a test of 1.1285/90 (June 29 high). A slide back under 1.1230 (20-hour moving average) would alleviate the intraday bullish pressure.

Overall, EUR/USD continues to move sideways below the 20-day moving average that stands at 1.1265/70 and supported by 1.1190 and then 1.1165. If price drops below 1.1160 more losses seem likely.

US dollar turns negative

The greenback weakened considerable over the last two hours. The DXY is falling 0.10% after spending most of the day in positive territory. The better-than-expected Consumer Confidence reading failed to give support to the dollar.

Now attention turns to Treasury Secretary Mnuchin and Fed chair Powell that will speak about how to boost the economy at a House Financial Services Committee hearing. Also month and quarter-end flows could trigger some volatility in financial markets.

Technical levels



Today last price 1.1221
Today Daily Change -0.0021
Today Daily Change % -0.19
Today daily open 1.1242
Daily SMA20 1.1265
Daily SMA50 1.1045
Daily SMA100 1.1002
Daily SMA200 1.1036
Previous Daily High 1.1288
Previous Daily Low 1.1217
Previous Weekly High 1.1348
Previous Weekly Low 1.1169
Previous Monthly High 1.1145
Previous Monthly Low 1.0767
Daily Fibonacci 38.2% 1.1261
Daily Fibonacci 61.8% 1.1244
Daily Pivot Point S1 1.121
Daily Pivot Point S2 1.1178
Daily Pivot Point S3 1.1139
Daily Pivot Point R1 1.1281
Daily Pivot Point R2 1.132
Daily Pivot Point R3 1.1352



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.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD bounces after upbeat COVID-19 cure news

EUR/USD is trading above 1.13, rebounding from the lows. Gilead reported that its drug Remdesevir substantially reduces mortality among COVID-19 patients. The news boosted stocks and weighed on the dollar. US coronavirus statistics are due out.


GBP/USD recaptures 1.26 as the market mood improves

GBP/USD is trading above 1.26 as the market mood improves and the safe-haven dollar retreats. Investors are shrugging off Brexit concerns and focusing on hopes to cure coronavirus. US COVID-19 statistics are due out.


XAU/USD consolidates daily gains above $1,800

After advancing to its highest level since September of 2011 at $1,818 on Wednesday, the XAU/USD pair staged a correction and briefly dropped below $1,800 on Thursday.

Gold News

Cryptocurrencies: War for dominance hit the bedrock of the market

Bitcoin tried to regain market share and activated sales in the Altcoin segment. BTC/USD, ETH/USD and XRP/USD are looking for supports and a rebound to push them to new elative highs. The current compression on the XRP/USD chart could trigger an exploding movement.

Read more

WTI once again breaks $40 per barrel after trading lower in early EU trade

There has been quite the bounce in WTI since the EU session after some strong selling pressure during Thursday and overnight. Once again on Friday's session, the price has taken the USD 40 per barrel handle. 

Oil News