EUR/USD rebounds toward 1.1850, holds onto weekly gains


  • EUR/USD about to end the week with a 125-pip gain.
  • US dollar stages modest recovery during the American session.

The EUR/USD pulled back during the American session amid a recovery of the US dollar across the board. The pair fell from 1.1860 finding support above 1.1825. It is hovering around 1.1840, 125 pips above the level it had a week ago.

Despite Thursday’s correction, EUR/USD is holding onto recent gains, about to post the highest weekly close since August. The key driver has been a decline of the US dollar. The DXY stands below 93.00, on its way to the lowest weekly close in seven weeks.

The dollar is about to end the week on the back foot ahead of critical days. It will be the week before the US Presidential elections, more talks and uncertainty about fiscal stimulus and many economic reports. In Europe, the key event next week will be on Thursday with the European Central Bank meeting.

Technical outlook

The EUR/USD retains its long-term bullish bias according to Valeria Bednarik, Chief Analyst at FXStreet. “The pair has continued to range above a bullish 20-week SMA which advances way above the larger ones. Technical indicators remain without directional strength although well into positive levels.”

The daily chart indicates a neutral technical stance, with the risk also skewed to the upside, as the pair has recovered above its 20 DMA on Monday, holding above it for the rest of the week, noted Bednarik.

 

EUR/USD

Overview
Today last price 1.1841
Today Daily Change 0.0023
Today Daily Change % 0.19
Today daily open 1.1818
 
Trends
Daily SMA20 1.1755
Daily SMA50 1.1798
Daily SMA100 1.1627
Daily SMA200 1.1295
 
Levels
Previous Daily High 1.1867
Previous Daily Low 1.1811
Previous Weekly High 1.1827
Previous Weekly Low 1.1688
Previous Monthly High 1.2011
Previous Monthly Low 1.1612
Daily Fibonacci 38.2% 1.1833
Daily Fibonacci 61.8% 1.1846
Daily Pivot Point S1 1.1797
Daily Pivot Point S2 1.1777
Daily Pivot Point S3 1.1742
Daily Pivot Point R1 1.1853
Daily Pivot Point R2 1.1888
Daily Pivot Point R3 1.1909

 

 

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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD losses 1.1900 amid dollar’s comeback

EUR/USD has extended its gains, nearing 1.1950, but quickly turned negative now trading around 1.1880. The greenback recovers as equities fall as the market’s sentiment turns sour.

EUR/USD News

GBP/USD retreats from daily highs, holds around 1.3350

GBP/USD retreats from near 1.3400, partially undermined by Brexit woes but mostly on renewed dollar’s demand. Doubts arise about Chief EU Negotiator Barnier traveling to London.

GBP/USD News

XAU/USD trades with modest gains above $1810 level, lacks follow-through

A softer tone surrounding the USD assisted gold to gain some traction on Thursday. COVID-19 vaccine optimism might cap the upside for the safe-haven precious metal. Holiday-thinned liquidity warrants some caution before placing fresh directional bets.

Gold news

US Thanksgiving Wrap: Consumers carry October, November starts to look dicey

A triple dose of US data on Wednesday before the Thanksgiving holiday confirmed the strength of the consumer recovery even as employment problems again loom from the rising numbers of Covid-19 closures across the country.

Read more

Black Friday 2020 Discounts!

Learn to trade with the best! Don't miss the most experienced traders and speakers in FXStreet Premium webinars. Also if you are a Premium member you can get real-time FXS Signals and receive daily market analysis with the best forex insights!

More info

Forex MAJORS

Cryptocurrencies

Signatures