- The pair gathers further traction and tests 1.1580.
- The greenback stays weak and drops below 95.20.
- ECB minutes and US inflation figures next on tap.
EUR/USD keeps pushing higher on Wednesday and is now testing daily peaks in the 1.1580 area.
EUR/USD focused on ECB, US data
The pair is now extending the rebound from recent lows in the 1.1430 zone seen earlier in the week amidst a persistent selling mood hitting the buck.
The greenback continues to suffer the sour sentiment in the US stocks markets, as futures keep pointing to a weak start later today while yields of the key US 10-year note manage to rebound from recent lows.
Back and forth in the Brexit negotiations plus the absence of relevant headlines around the Italian polirtical arena seem to also be adding some support to the pair’s up move.
Looking ahead, spot should be under scrutiny, as investors will closely follow the release of the ECB minutes from the latest gathering, while the always critical CPI figures will be in the limelight across the pond.
EUR/USD levels to watch
At the moment, the pair is gaining 0.43% at 1.1571 and a break above 1.1576 (high Oct.11) would target 1.1592 (55-day SMA) en route to 1.1623 (21-day SMA). On the flip side, immediate contention emerges at 1.1432 (low Oct.9) seconded by 1.1326 (200-week SMA) and finally 1.1299 (2018 low Aug.15).
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.
Recommended content
Editors’ Picks
EUR/USD: Not out of the woods yet, remains vulnerable to slide further
EUR/USD is seen consolidating in a narrow range through the Asian session on Monday. The formation of a downward-sloping channel on the daily chart favours bearish traders. A sustained strength beyond the 1.0700 mark is needed to negate the negative outlook.
GBP/USD struggles to gain any meaningful traction, remains confined in a narrow band
GBP/USD struggles to gain any meaningful traction and oscillates in a narrow trading range. The risk-on impulse is seen undermining the safe-haven USD and lending support to the major. The divergent Fed-BoE policy outlook should keep a lid on any meaningful upside for the pair.
Gold: Will Fed Chair Jerome Powell rescue XAU/USD buyers?
Gold price is trading below $1,840, at its lowest level since March 10, setting off the final quarter of this year on a negative note. The United States Dollar (USD) is consolidating the previous rebound above the 106.00 level against its major peers, underpinned by a fresh upswing in the US Dollar.
DOT confirms trend reversal, eyes retest of $5 after reclaiming key hurdle
Polkadot price seems to be ending its downtrend after shedding 92.91% in the last two years from its all-time high of $55.09. In the last three days, DOT has inflated by 3.3%, breaching a declining trendline and confirming the potential start of an uptrend.
The week ahead - US Nonfarm Payrolls, Tesco and Wetherspoon results
We’ll get the latest US payrolls report for August this week. Having seen the Federal Reserve leave rates unchanged as expected at their recent September meeting the jury remains out as to whether we will see another rate hike at the next meeting in November.