EUR/USD sidelined around 1.1280 ahead of US data


  • The pair remains parked below the 1.1300 handle so far today.
  • US-China trade talks will continue next week in Washington.
  • US Empire State Index, Industrial Production next of relevance.

The lack of traction around the European currency has confined EUR/USD to trade in the lower bound of the weekly range so far today in the 1.1280/70 band.

EUR/USD now looks to US data

Spot is losing ground for the second week in a row so far today, relegated to the sub-1.1300 area despite the recent bout of optimism in the US-China trade talks, which are set to resume next week in Washington.

Adding to the sour sentiment in EUR, Lega Nord’s advisor and eurosceptic C.Borghi said the upcoming EU parliamentary elections are an opportunity to change Europe, adding that Italy might be forced to leave the euro bloc depending on the final results.

Moving forward, all eyes will be on the publication of US Industrial Production figures, Capacity Utilization, Empire State index and the advanced U-Mich gauge.

What to look for around EUR

The offered bias in the shared currency remains well and sound this week in spite of some progress made in the US-China trade talks and agreement to resume negotiations next week. The slowdown in the euro bloc keeps weighing on sentiment so far, adding to the ongoing speculations that the ECB could refrain from acting on rates this year and extend further, instead, the current ‘pause-mode’. In addition, political concerns remain well and sound in Euroland as we get closer to the EU parliamentary elections: snap elections in Spain on April 28, the still unresolved issue of the ‘yellow vests’ in France and the omnipresent effervescence in the Italian political scenario, all appear to be lending support to the idea of swelling populism in the Old Continent.

EUR/USD levels to watch

At the moment, the pair is losing 0.21% at 1.1271 and a break below 1.1248 (2019 low Feb.14) would target 1.1215 (2018 low Nov.12) en route to 1.1118 (monthly low Jun.20 2017). On the flip side, the next up barrier emerges at 1.1294 (100-hour SMA) seconded by 1.1332 (200-week SMA) and finally 1.1341 (high Feb.13).

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 falls to two-week lows as trade wars escalate, strong US data

EUR/USD is hovering above 1.1150, the lowest in two weeks as Chinese media reported that the country is no longer interested in talks with the US after the latter blacklisted Huawei. US Consumer Sentiment beat with 102.4.

EUR/USD News

GBP/USD hits lowest since January as cross-party Brexit talks collapse

GBP/USD hits the lowest levels since January, below 1.2750. The UK's Labour Party said there is no point in talking with a government about to collapse. UK PM May is set to step down in June.

GBP/USD News

USD/JPY fails again to break 110.00, turns flat for the day and the week

The USD/JPY pair found support around the 109.50 area and bounced to the upside, erasing losses.

USD/JPY News

Gold breaks to the downside hits 2-week lows near $1275

Gold prices accelerated to the downside today and particularly after the beginning of the American session, resuming the bearish move. The yellow metal is falling for the fourth day in-a-row and it is down almost $30 from the weekly high. 

Gold News

Bitcoin price update: BTC reclaims $7,000, recovery stalled

Bitcoin (BTC) has recovered from a scary flash crash that took it all the way down from $7,800 to as low as $6,512. The first digital coin lost about 16% of its value in a matter of hour with no particular reason .

Read more

Majors

Cryptocurrencies

Signatures