- The euro edges down 0.58% so far in the week, after falling in three of the week’s five trading days.
- The EUR/USD reached a 2022 YTD low at 1.1106 on Thursday.
- EUR/USD Technical Outlook: The pair is downward biased.
On Friday, the EUR/USD trims some of its weekly losses, recording gains of 0.48% during the North American session. At press time, the EUR/USD is trading at 1.1252.
In the overnight session for North American traders, the shared currency seesawed in the 1.1168.1,1230 range, most of the time. Nevertheless, before Wall Street’s opened, the EUR/USD rallied above 1.1200, breaking on its way, the 100-hour simple moving average (SMA) at 1.1223, reaching a daily high at 1.1266 to stabilize around the 1.1240 area.
EUR/USD Price Forecast: Technical outlook
On Thursday, the EUR/USD reached a YTD low at 1.1106, near the 1.1100 mark, though closed above the mid-line between the top/central Pitchfork’s parallel lines, suggesting profit-taking and buying pressure lifted the pair at the end of New York’s session. It is worth noting that EUR/USD daily moving averages (DMAs) reside above the actual exchange rate, indicating a downward bias. That said, the EUR/USD could aim higher, near February 24 daily high at 1.1308, followed by a leg-down towards the 1.1000 area.
In that outcome, the EUR/USD first support would be 1.1200. Breach of the latter would expose Pitchfork-s mid-line within the top/central parallel lines around 1.1165, followed by February 24 daily low at 1.1106.
|Today last price||1.1252|
|Today Daily Change||0.0052|
|Today Daily Change %||0.46|
|Today daily open||1.12|
|Previous Daily High||1.1312|
|Previous Daily Low||1.1106|
|Previous Weekly High||1.1396|
|Previous Weekly Low||1.128|
|Previous Monthly High||1.1483|
|Previous Monthly Low||1.1121|
|Daily Fibonacci 38.2%||1.1185|
|Daily Fibonacci 61.8%||1.1233|
|Daily Pivot Point S1||1.11|
|Daily Pivot Point S2||1.1001|
|Daily Pivot Point S3||1.0895|
|Daily Pivot Point R1||1.1305|
|Daily Pivot Point R2||1.1411|
|Daily Pivot Point R3||1.1511|
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.
Follow us on Telegram
Stay updated of all the news
EUR/USD drops toward 1.0700 after US jobs report
EUR/USD came under renewed bearish pressure in the second half of the day on Friday and declined toward 1.0700. Stronger-than-expected Nonfarm Payrolls (NFP) data helps the US Dollar gather strength ahead of the weekend and forces the pair to stay on the back foot.
GBP/USD extends slide below 1.2450 amid a stronger USD
GBP/USD dropped further and hit fresh daily lows below 1.2450 amid a stronger US dollar. The Greenback remains firm following the release of the US May jobs report. Despite losing almost 100 pips on Friday, GBP/USD is still on track for a weekly gain.
Gold falls below $1,960 as US yields rebound after US jobs data
Gold price turned south and declined below $1,960 on Friday. After the data from the US revealed that Nonfarm Payrolls rose 339,000 in May, the benchmark 10-year US Treasury bond yield gained more than 2% and recovered toward 3.7%, weighing heavily on XAU/USD.
China crypto community picks Ethereum, Arbitrum and BNB Chain as top protocols
Ethereum, Arbitrum and BNB Chain protocols are top picks for the Chinese crypto community, data from a report shows, a possible bullish catalyst for tokens related to these protocols as Hong Kong opens the door of crypto to retail investors.
LULU stock adds 15% on big Wall Street beat
Lululemon Athletica did it again. In something that has become quite predictable, LULU stock sailed 14.9% higher in Friday’s premarket to $377.20 after the prized athleisure brand posted a nearly 15% earnings beat for the first quarter.