- Euro drops modestly on Thursday against US dollar amid geopolitical concerns.
- EUR/USD back away from 1.1345, finds support at 1.1265.
The EUR/USD pair bottomed earlier today at 1.1267, the lowest level in six days and then slowly recovered until it found resistance at the 1.1285 area. As of writing, trades at 1.1275, marginally lower for the day and 65 pips below the weekly highs.
The US Dollar posted mix results amid trade tensions and geopolitical concerns. Recently US Secretary of State Pompeo said Iran is responsible for the attacks today on two oil tankers in the Gulf of Oman. Those concerns helped the greenback that remains weak amid rising expectations of an interest rate cut from the Fed as soon as July.
The pair continues to retreat after being unable to break above 1.1345/50. On Friday, geopolitical developments will likely continue to be a key driver while traders will also look at US data (retail sales and industrial production).
EUR/USD holds above 2019 lows, with positive bias
“In our view, the Fed has blinked and rate cuts are coming from July. At the same time, the ECB lacks answers on what to do about the risk of a de-anchoring of inflation expectations. The Fed-ECB monetary policy divergence should pave the way for a higher EUR/USD over the coming 6M. We forecast EUR/USD at 1.14 in 1M and 1.15 (revised up from 1.13) in 3M,” mentioned Danske Bank analysts.
|Today last price||1.1277|
|Today Daily Change||-0.0010|
|Today Daily Change %||-0.09|
|Today daily open||1.1287|
|Previous Daily High||1.1344|
|Previous Daily Low||1.1282|
|Previous Weekly High||1.1348|
|Previous Weekly Low||1.116|
|Previous Monthly High||1.1266|
|Previous Monthly Low||1.1107|
|Daily Fibonacci 38.2%||1.1306|
|Daily Fibonacci 61.8%||1.1321|
|Daily Pivot Point S1||1.1265|
|Daily Pivot Point S2||1.1242|
|Daily Pivot Point S3||1.1203|
|Daily Pivot Point R1||1.1327|
|Daily Pivot Point R2||1.1367|
|Daily Pivot Point R3||1.1389|
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