EUR/USD retreats from weekly highs to 1.1060

  • EUR/USD off daily highs consolidates weekly gains and a strong rebound from 1.0925.
  • US data points to a strong consumer after retail sales and consumer confidence reports. 

The EUR/USD retreated over the last hours and moved off weekly highs, below 1.1100. US data and some a less weak US Dollar favored the correction. Recently dropped to 1.1060 and it is trading at 1.1075, still positive for the day, on its way to the highest close since August 28. 

The post-European Central Bank rally of EUR/USD run today into resistance around 1.1100 and pulled back. It is consolidating weekly gains, supported by a stabilization of the Euro and a slide of the US Dollar. 

Data from the US favored the greenback and sent US yields further to the upside. Retail sales in August rose 0.4% above market expectations of a 0.2 increase. Later, the preliminary reading of the University of Michigan's Consumer Confidence Index showed a rebound from 89.8 to 92.0 in September. The 10-year yield rose from below 1.80% to 1.87%, reaching the highest since August 2. 

Technical outlook

For the first time since April, EUR/USD is about to post two consecutive weekly gains. Still the long term chart points to the downside, but over the short-term the US Dollar could have lost momentum particularly after rebounding again from the 1.0925 area.

“The pair has bottomed twice at 1.0926 this September, but a double bottom figure is still unclear”, notes Valeria Bednarik, Chief Analyst at FXStreet. According to  her the spike above the neckline was unsustainable, therefore diminishing the relevance of the figure. “As it happened last week, the 1.1000 level is the immediate support, and below it, the next relevant one is the two-year low at 1.0926, followed by the 1.0820/40 price zone.”


Today last price 1.1074
Today Daily Change 0.0018
Today Daily Change % 0.16
Today daily open 1.1056
Daily SMA20 1.1055
Daily SMA50 1.1134
Daily SMA100 1.1185
Daily SMA200 1.1263
Previous Daily High 1.1087
Previous Daily Low 1.0927
Previous Weekly High 1.1085
Previous Weekly Low 1.0926
Previous Monthly High 1.1251
Previous Monthly Low 1.0962
Daily Fibonacci 38.2% 1.1026
Daily Fibonacci 61.8% 1.0988
Daily Pivot Point S1 1.096
Daily Pivot Point S2 1.0863
Daily Pivot Point S3 1.0799
Daily Pivot Point R1 1.112
Daily Pivot Point R2 1.1184
Daily Pivot Point R3 1.128



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 tension remains elevated ahead of the Fed

EUR/USD is trading around 1.1050, confined to a narrow range ahead of the all-important Fed decision. Chair Powell is set to cut rates by 25bps but signal no further stimulus is on the cards.


GBP/USD extends its falls to 1.2450 amid weak UK inflation, Brexit impasse

GBP/USD has dropped to around 1.2450 as UK headline CPI missed with 1.7% in August. Brexit negotiations remain stuck according to Chief EU negotiator Barnier. The Fed decision is eyed.


USD/JPY holds on to recovery gains above 108.00 ahead of Fed

Not only upbeat trade numbers from Japan but upbeat trade/political headlines also help the USD/JPY pair to remain firm around 108.20 prior to Wednesday’s European session. Focus on FOMC decision.


Gold: Pivots around $1500 mark, awaits FOMC policy update

Gold extended its sideways consolidative price action through the early European session on Wednesday and was seen pivoting around the key $1500 psychological mark, awaiting FOMC policy decision.

Gold News

Top 3 price prediction Bitcoin, Ripple, Ethereum: Cryptos seeing multiple launches into the universe

The Altcoin market has quickly confirmed Tuesday’s analysis with flashing rises in the last 24 hours. The two eternal aspirants to lead the crypto market – Ethereum and XRP – are rising sharply against Bitcoin and increasing its value rapidly.

Read more