EUR/USD rebounds modestly, closes in on 1.1800

  • EUR/USD looks to snap a four-day losing streak.
  • US Dollar Index broke below 93.00 in the American session.
  • Risk-positive market environment is making it difficult for USD to find demand.

After spending the majority of the day in a relatively tight range above 1.1750, the EUR/USD pair gained traction during the American trading hours and was last seen rising 0.15% on the day at 1.1796.

DXY reverses direction as Wall Street rally continues

In the absence of high-tier macroeconomic data releases and fundamental developments, the risk perception continues to impact the USD's market valuation. Earlier in the day, the US Dollar Index (DXY) reached its highest level since early April at 93.19 and didn't allow EUR/USD to stage a rebound.

With Wall Street's main indexes building on Tuesday's impressive upsurge and opening in the positive territory on Wednesday, the greenback lost its strength. Reflecting the renewed USD weakness, the DXY is down 0.1% on the day at 92.86. 

On Thursday, the European Central Bank (ECB) will announce its Interest Rate Decision and release the Monetary Policy Decision.

Previewing this event, "the ECB’s latest announcement – that purchases under the Pandemic Emergency Purchase Programme (PEPP) over the coming quarter will continue to be conducted at a significantly higher pace than during the first months of this year – reinforces our view that the ECB will remain highly accommodative for longer," said Lee Sue Ann, Economist at UOB Group.

European Central Bank Preview: Fresh forward guidance, old fears.

Technical levels to watch for


Today last price 1.179
Today Daily Change 0.0009
Today Daily Change % 0.08
Today daily open 1.1781
Daily SMA20 1.1853
Daily SMA50 1.202
Daily SMA100 1.1985
Daily SMA200 1.2006
Previous Daily High 1.1803
Previous Daily Low 1.1756
Previous Weekly High 1.188
Previous Weekly Low 1.1772
Previous Monthly High 1.2254
Previous Monthly Low 1.1845
Daily Fibonacci 38.2% 1.1774
Daily Fibonacci 61.8% 1.1785
Daily Pivot Point S1 1.1757
Daily Pivot Point S2 1.1733
Daily Pivot Point S3 1.1709
Daily Pivot Point R1 1.1804
Daily Pivot Point R2 1.1827
Daily Pivot Point R3 1.1851



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

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD: Portrays bearish set-up on D1 below 1.1900

EUR/USD edges lower around 1.1870 amid a quiet start to the week’s Asian session trading on Monday. The major currency pair snapped a four-day uptrend on Friday, posting the bearish spinning top candlestick.


GBP/USD: Bears brace for 200-SMA retest

GBP/USD begins the trading week on lower ground near 1.3900. The cable pair broke a short-term rising channel during the late Friday and teased bears amid a downward sloping Momentum line. The selling currently aims to retest the 200-SMA support near 1.3835, a break of which could highlight the 1.3770 area comprising multiple levels marked last week.


Gold: Bears taking over as US dollar firms

Gold is trapped between resistance and key support. The price of gold was pushed to a critical support area on the daily chart on Friday and is starting out the week consolidating there waiting for a catalyst.

Gold News

Shiba gets listed on eToro as demand for SHIB skyrockets

Leading investment platform eToro has been adding cryptocurrency assets on popular demand from users. The Dogecoin killer recently amassed 600,000 holders despite range-bound price action. 

Read more

Challenging week ahead

Three macro considerations are shaping the investment climate: the evolution of the virus and the response, the timeframe of the Fed's tapering, and China's broad regulatory crackdown. Beijing's new policy initiatives are broader and quicker than generally anticipated.

Read more