EUR/USD remains on the defensive below 1.1400 mark post-US data, ahead of Powell’s speech


  • A modest USD uptick prompts some profit-taking amid overbought conditions.
  • The corrective slide remained limited in the wake of disappointing US macro data.
  • Tuesday’s key focus remains on the Fed Chair Jerome Powell’s scheduled speech.

The EUR/USD pair held on the defensive below the 1.1400 handle and had a rather muted reaction to disappointing US macro releases. 

Having touched a fresh three-month high level of 1.1412, the pair started losing positive momentum and ticked lower through the European trading session. The downtick lacked any obvious fundamental catalyst and could be solely attributed a modest US Dollar rebound from multi-month lows. 

With investors still digesting the latest dovish shift by the FOMC, traders seemed inclined to lighten their bearish USD bets ahead of the Fed Chair Jerome Powell's speech and seemed to be the only factor prompting some profit-taking from near-term overbought conditions. 

Meanwhile, the USD uptick lacked any strong conviction the wake of the latest disappointment from the Conference Board's Consumer Confidence Index, which dropped to 121.5 for June as compared to the previous month's downwardly revised reading of 131.3. 

Adding to this, new home sales plunged 7.8% in May, missing consensus estimates by a big margin and also worse than a drop of 3.7% recorded in the previous month, while Richmond Manufacturing Index fell to 3 for June as against market expectations for a steady reading of 5.

The data, however, failed to provide any meaningful impetus as the key focus remains on Powell's scheduled speech, which might provide some fresh clues over the possibility of a rate cut move at the upcoming July meeting and might play an important role in providing a fresh directional impetus. 

Technical levels to watch

EUR/USD

Overview
Today last price 1.1391
Today Daily Change -0.0007
Today Daily Change % -0.06
Today daily open 1.1398
 
Trends
Daily SMA20 1.1251
Daily SMA50 1.1221
Daily SMA100 1.1261
Daily SMA200 1.1351
Levels
Previous Daily High 1.1404
Previous Daily Low 1.1367
Previous Weekly High 1.1378
Previous Weekly Low 1.1181
Previous Monthly High 1.1266
Previous Monthly Low 1.1107
Daily Fibonacci 38.2% 1.139
Daily Fibonacci 61.8% 1.1381
Daily Pivot Point S1 1.1376
Daily Pivot Point S2 1.1353
Daily Pivot Point S3 1.1339
Daily Pivot Point R1 1.1413
Daily Pivot Point R2 1.1427
Daily Pivot Point R3 1.145

 

 

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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD remains depressed but off daily lows

The EUR/USD pair is recovering from a daily low of 1.1216, although holding in negative territory for the day. US preliminary Michigan Consumer Sentiment Index improved by less-than-anticipated in July, coming in at 98.4 vs. the 98.5 expected.

EUR/USD News

GBP/USD trading marginally lower daily basis but above 1.2500

The Pound gave back some of its Thursday’s gain on dollar’s relief. The GBP/USD pair broke a daily descendant trend line coming from June’s high and holds above it, leaving little room for sellers to act.

GBP/USD News

USD/JPY: bears pausing, still in control

Japanese National Inflation steady at 0.7%YoY in June. US Michigan Consumer Sentiment Index expected at 98.5 in July. USD/JPY corrective advance falling short of signaling an interim bottom in place.

USD/JPY News

Gold consolidates around $ 1440, eyes US data for fresh direction

Gold (futures on Comex) extends its side-trend around the 1440 mark into the mid-European session, having stalled its retreat from 2019 highs of 1454 near 1437 region.

Gold News

Something has spooked the Fed

We wish we knew what it is. Wild talk of the US joining Japan and Europe with zero or negative return on the 10-year is or should be very frightening.

Read more

MAJORS

Cryptocurrencies

Signatures


  •  
  •  
  •  
  •  
  •