EUR/USD looks for direction near 1.1380, Draghi eyed


  • The pair struggles to regain traction below the 1.1400 handle.
  • The greenback stays sidelines around 96.60.
  • ECB’s Mario Draghi will be speaking later in the session.

The single currency remains under pressure at the end of the week and is now prompting EUR/USD to navigate around 1.1370/80.

EUR/USD now looks to Draghi

The pair remains vulnerable so far this week, trading in the area of 2-month lows and finding support in near 1.1350 for the time being.

The ECB meeting left no room for surprises on Thursday, while the Governing Council reiterated the positive view of the economic conditions in the region and showed optimism that inflation should clinch the bank’s target over the medium term.

In the meantime, Italy remains in centre stage as exclusive driver of the pair’s price action. Today, credit rating agency S&P is expected to publish its report on the country.

Moving forward, President M.Draghi and Board member B.Coeure are due to speak in Brussels and Paris, respectively.

Data wise across the Atlantic, the US docket includes the first estimate of Q3 GDP and the final print of the U-Mich index.

EUR/USD levels to watch

At the moment, the pair is down 0.01% at 1.1373 and a break below 1.1356 (low Oct.25) would target 1.1319 (200-week SMA) en route to 1.1299 (2018 low Aug.15). On the flip side, the immediate hurdle aligns at 1.1470 (10-day SMA) seconded by 1.1505 (21-day SMA) and finally 1.1550 (high Oct.22).

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

EUR/USD hovering above 1.1050 amid trade concerns, ahead of ECB minutes

EUR/USD is trading above 1.1050, at familiar levels. Doubts that a US-Sino trade deal may be reached are weighing on markets. The Fed's minutes have reaffirmed the wait-and-see mode, and the ECB's minutes are awaited. 

EUR/USD News

GBP/USD advances above 1.29 as Conservatives remain in the lead

GBP/USD is rising above 1.29 as fresh opinion polls continue showing a solid lead for Prime Minister Boris Johnson's Conservatives. Further political headlines are awaited.

GBP/USD News

USD/JPY bounces-off 50-DMA but lacks follow-through

USD/JPY has bounced up from the 50-day MA support of 108.28. China's Vice Premier Liu He is cautiously optimistic about the prospects of the US-China trade deal. Related markets, however, are not buying Liu He's optimism, keeping the recovery in check. 

USD/JPY News

Gold flirting with session lows, around $1470 region

Gold edged lower through the Asian session on Thursday and is currently placed near the lower end of its daily trading range, around the $1470 region.

Gold News

Hong Kong now a feature in trade negotiations?

The US Senate and House have both passed the Hong Kong Human Rights and Democracy Bill, so now it heads to the desk of US President Trump to either sign or veto it. Sources suggest that the President will sign it into law.

Read more

Forex MAJORS

Cryptocurrencies

Signatures