EUR/USD steady, capped by 1.1250 and supported above 1.1200


  • Majors in ranges on a low volatility environment ahead of NFP. 
  • US dollar consolidates gains, remains under weekly highs. 

The EUR/USD pair is about to end the day modestly lower. Since Wednesday, the pair is moving in a 50 pips range between 1.1200 and 1.1250. During today’s American session most majors held in small ranges. The worst performer was the pound amid Brexit uncertainty. 

Financial markets were little changed awaiting further details on US-China trade talks, which are currently underway. The US is mulling over giving China until 2025 to fulfill its trade promise, which includes a commitment to purchase more US agricultural products and allowing full ownership for US companies in China. In a positive sign that the two sides are getting closer to finalizing a deal, Chinese Vice Premier Liu He is to meet US President Trump later today. Ongoing talks are expected to pave the way for Trump and Xi to seal a trade deal. A schedule for a leaders-level meeting could be unveiled as early as this week,” said BBVA analysts. The news boosted risk appetite but not the EUR/USD pair that bottomed at the beginning of the US session at 1.1205. 

The pair then gained momentum and climbed to 1.1225. As of writing was trading at 1.1220, down 20 pips for the day. The DXY is up 0.20% and US yields consolidate its recent rebound adding support to the greenback. 

On Friday, the key economic numbers will come from the NFP report. “Non-farm payrolls are predicted to add 180,000 workers in March, following February’s 20,000. Manufacturing employment will rise by 10,000 up from 4,000 in February.  The U-3 unemployment rate is expected to be stable at 3.8%. Average hourly earnings are forecast to gain 0.3% on the month down from 0.4% in February and to be unchanged at 3.4% on the year. Labor force participation is thought to decline to 62.9% from 63.2%”, explained Joseph Trevisani, Senior Analyst at FXStreet.

Regarding the euro, on Friday data to be released includes industrial production from Germany and there will be the Eurogroup meeting. Today the European Central Bank released the minutes from its latest meeting. According to BBVA analysts, the document confirmed a “wait-and-see” approach, in line with market expectations, “and affirmed the extension of the forward guidance until end 2019 while reinforcing datadependency amid uncertainty over the global economic outlook”. Previously, a weaker-than-expected Reading on German factory orders did not affect the euro. 

The EUR/USD pair continues to trade near the 2019 low it reached in March at 1.1170/75, but so far avoiding a close below 1.1200. The upside remains capped by 1.1250. It is flat for the week so far, waiting to hit fresh 22-month lows or a move above 1.1250 that could point to a stronger recovery for the euro. 

EUR/USD

Overview
Today last price 1.1223
Today Daily Change -0.0009
Today Daily Change % -0.08
Today daily open 1.1232
 
Trends
Daily SMA20 1.128
Daily SMA50 1.1328
Daily SMA100 1.136
Daily SMA200 1.1464
Levels
Previous Daily High 1.1256
Previous Daily Low 1.12
Previous Weekly High 1.1332
Previous Weekly Low 1.1209
Previous Monthly High 1.1448
Previous Monthly Low 1.1176
Daily Fibonacci 38.2% 1.1234
Daily Fibonacci 61.8% 1.1221
Daily Pivot Point S1 1.1203
Daily Pivot Point S2 1.1174
Daily Pivot Point S3 1.1147
Daily Pivot Point R1 1.1259
Daily Pivot Point R2 1.1285
Daily Pivot Point R3 1.1314

 

 

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

GBP/USD off 7-month highs, still firmer as Tories hold the lead

GBP/USD retraces from the new seven-month highs of 1.3180 but remains strongly bid, as weekend polls have reaffirmed a solid lead for PM Johnson's Conservatives. Cable dropped on Friday amid upbeat US data.

GBP/USD News

EUR/USD steadying above 1.1050 amid upbeat German export data

EUR/USD is trading above 1.1050, attempting a recovery after Germany reported an increase in exports in October. EUR/UDS dropped sharply on Friday amid upbeat US Non-Farm Payrolls and weak German industrial output. 

EUR/USD News

Forex Today: US-Sino trade tensions prevail, Boris closer to victory, EUR/USD licking its wounds

Trade talks: President Donald Trump has called on the World Bank to stop lending to China, a move that may aggravate tensions, with only six days to go until Washington is set to slap new tariffs on Beijing. Negotiations continue.

Read more

Gold: The set-up seems tilted in favour of bearish traders

Gold regains some positive traction amid persistent trade uncertainty. The upside is likely to remain capped ahead of the FOMC policy update.

Gold News

USD/JPY: tensions between Washington and Beijing back the JPY

Japanese Q3 Gross Domestic Product doubled the market’s expectations, up by 0.4%. The US calendar has nothing to offer today, attention focus on Washington-Beijing relationship. USD/JPY pressuring the post-NFP low, decline to accelerate once below 108.40.

USD/JPY News

Forex MAJORS

Cryptocurrencies

Signatures