EUR/USD: On the defensive after Friday's drop

  • EUR/USD logged its biggest single-day loss in two weeks on Friday. 
  • The pair risks extending losses to key trendline support. 
  • With US markets closed, the pair may witness some moves on German PPI data. 

EUR/USD is looking weak, having registered its biggest single-day decline in over two weeks on Friday. 

The pair fell 0.43%, its biggest single-day loss since Jan. 2, signaling an end of the minor bounce from the Jan. 10 low of 1.1085 and a resumption of the sell-off from the Dec. 31 high of 1.1239. 

The single currency, therefore, risks falling to the support at 1.1063 – the support of the trendline connecting lows seen on Oct, 1 and Nov. 29. 

The drop to key support, however, may not happen if the German Producer Price Index (PPI), due at 07:00 GMT, betters estimates. 

Indeed, the PPI has rarely moved markets in the past. However, with the US closed on account of Martin Luther King's birthday, trading volumes are likely to be weak. The pair, therefore, could witness erratic moves on PPI figures. 

The German Bundesbank's monthly report is also scheduled for release on Monday and could influence the pair. At press time, EUR/USD is trading near 1.1095. 

Technical levels


Today last price 1.1096
Today Daily Change 0.0003
Today Daily Change % 0.03
Today daily open 1.1093
Daily SMA20 1.1143
Daily SMA50 1.1098
Daily SMA100 1.1069
Daily SMA200 1.1137
Previous Daily High 1.1143
Previous Daily Low 1.1086
Previous Weekly High 1.1173
Previous Weekly Low 1.1086
Previous Monthly High 1.124
Previous Monthly Low 1.1002
Daily Fibonacci 38.2% 1.1108
Daily Fibonacci 61.8% 1.1121
Daily Pivot Point S1 1.1072
Daily Pivot Point S2 1.105
Daily Pivot Point S3 1.1015
Daily Pivot Point R1 1.1129
Daily Pivot Point R2 1.1164
Daily Pivot Point R3 1.1186



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

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD stable at around 1.1700, waiting for a fresh catalyst

The EUR/USD pair has spent most of the last trading session of the day stuck around 1.1700. Upbeat US Durable Goods Orders spurred modest demand for high-yielding assets.


GBP/USD hovers around 1.37. dismissing UK petrol crisis

GBP/USD is trading at around 1.37, as sterling shrugs off the drying up of some petrol stations due to Brexit-related lorry driver shortages.


Gold bulls not interested

Upbeat US data lifted the market’s mood and weighed on the dollar. US Treasury yields continue climbing to multi-month highs. XAU/USD is marginally higher on a daily basis but bears retain control.

Gold News

Shiba Inu stagnation period might result in 20% correction

Shibu Inu price continues to contract and cause frustration for bulls and bears. However, Shibu Inu is trading near the apex of the triangle pattern it is currently inside. Therefore, a breakout lower is likely to occur very soon.

Read more

Conference Board Consumer Confidence: Unhappy but still spending

Consumer Confidence expected to rise slightly to 114.5 in September. August’s confidence reading at 113.8 was the lowest since February. Weak Consumer Confidence did not damage August Retail Sales or Durable Goods Orders.

Read more