- The pair moves within a narrow range in the 1.1740 region.
- The greenback recovers the 94.00 handle amidst higher yields.
- German ZEW survey next of relevance in Euroland.
After testing the vicinity of the 1.1800 key barrier at the beginning of the week, EUR/USD appears to have lost some upside momentum and has returned to the 1.1740 region, challenging yesterday’s lows at the same time.
EUR/USD now looks to data, trade
The pair is trading in red figures for the first time after three consecutive advances, all against the backdrop of a firm note in the risk-associated complex. In fact, risk appetite trends continue to weigh on JPY crosses, sending EUR/JPY higher and capping the downside in the pair somewhat.
On the USD-side, the US Dollar Index managed to regain the 94.00 limestone and above, always supported by a robust recovery in USD/JPY and higher US yields.
Later in the European session, the German ZEW survey will be the sole event, while JOLTs Job Openings is expected across the pond along with the API weekly report on crude supplies.
EUR/USD levels to watch
At the moment, the pair is losing 0.09% at 1.1741 and a break below 1.1718 (monthly low Dec.12 2017) would open the door to 1.1670 (10-day sma) and then 1530 (low Jun.19). On the flip side, the next hurdle emerges at 1.1791 (high Jul.9) seconded by 1.1853 (high Jun.15) and finally 1.1854 (38.2% Fibo of April-May drop).
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 drops below 1.0800 after German Retail Sales data
EUR/USD has come under fresh selling pressure and trades below 1.0800 after the data from Germany showed that Retail Sales declined by 1.9% MoM in February. Resurgent US Dollar demand is adding to the downside in the pair. US data are next in focus.
GBP/USD stays weak near 1.2600 amid market caution
GBP/USD remains defensive near 1.2600 in European trading on Thursday. The hawkish tone from Fed Governor Christopher Waller keeps the US Dollar afloat amid a cautious trading environment ahead of key US data releases and the Good Friday trading lull.
Gold price bulls keenly await US PCE Price Index on Friday before placing fresh bets
Gold price (XAU/USD) continues with its struggle to make it through the $2,200 mark on Thursday and oscillates in a narrow trading band through the early part of the European session.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.