EUR/USD struggles to build on Wednesday's gains, stays calm below 1.1750


  • EUR/USD lost its recovery momentum after posting modest gains on Wednesday.
  • US Dollar Index edges higher toward 93.00 on Thursday.
  • Eyes on weekly Initial Jobless Claims and PPI data from US.

The broad-based USD weakness helped the EUR/USD pair stage a recovery and snap a six-day losing streak on Wednesday. On Thursday, however, the pair seems to be having a difficult time preserving its bullish momentum and was last seen trading flat on the day at 1.1736.

USD selloff loses steam ahead of mid-tier data

The data from the US showed on Wednesday that the Core Consumer Price Index (CPI) edged lower to 4.3% in July on a yearly basis from 4.5% in June and triggered a modest USD selloff. The US Dollar Index (DXY), which tracks the greenback's performance against a basket of six major currencies, lost 0.2% on a daily basis.

Nevertheless, the DXY is posting small daily gains above 92.90, suggesting that Wednesday's rebound was a technical correction rather than a reversal of direction. 

Later in the session, the US Department of Labor will release the weekly Initial Jobless Claims report and the US Bureau of Labor Statistics will publish the Producer Price Index (PPI) data.

Earlier in the day, Eurostat report that Industrial Production in the euro area declined by 0.3% on a monthly basis in June. This reading came in slightly worse than the market expectation for a decrease of 0.2% and was largely ignored by market participants.

Technical levels to watch for

EUR/USD

Overview
Today last price 1.1738
Today Daily Change -0.0001
Today Daily Change % -0.01
Today daily open 1.1739
 
Trends
Daily SMA20 1.1806
Daily SMA50 1.19
Daily SMA100 1.1963
Daily SMA200 1.201
 
Levels
Previous Daily High 1.1754
Previous Daily Low 1.1706
Previous Weekly High 1.19
Previous Weekly Low 1.1755
Previous Monthly High 1.1909
Previous Monthly Low 1.1752
Daily Fibonacci 38.2% 1.1736
Daily Fibonacci 61.8% 1.1724
Daily Pivot Point S1 1.1712
Daily Pivot Point S2 1.1685
Daily Pivot Point S3 1.1664
Daily Pivot Point R1 1.176
Daily Pivot Point R2 1.1781
Daily Pivot Point R3 1.1808

 

 

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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD hovers around 1.1150 ahead of German GDP, US inflation

EUR/USD is trading around 1.1150, attempting a bounce from 119-months lows of 1.1132. The US dollar eases from multi-month highs amid a return of risk appetite and firmer Treasury yields. US advance Q4 GDP beat estimates with 6.9% YoY. German Prelim GDP and US PCE inflation awaited.

EUR/USD News

GBP/USD regains 1.3400 on Brexit optimism, US PCE eyed

GBP/USD is extending its rebound from five-week lows above 1.3400 amid an upbeat mood. UK Foreign Secretary Liz Truss eyes significant progress in Brexit talks by February. Report over UK PM Johnson’s future leadership deferred. US PCE inflation in focus. 

GBP/USD News

Gold rebounds ahead of US PCE inflation, not out of the woods yet Premium

Gold price attempts a bounce as the US dollar retreats ahead of US PCE inflation. After Wednesday’s $40 sell-off, gold price tumbled another $23 on Thursday, as bulls finally surrendered the $1,800 area to hit the lowest level in two weeks at $1,792. 

Gold News

Why Bitcoin has entered a new bear market

Bitcoin price has tumbled to a multi-month low below $33,000, as the leading cryptocurrency loses 50% of its value from its all-time high in November 2021. This marks the second-worst sell-off since the bear market that spanned from 2018 to 2020. 

Read more

US PCE Inflation Preview: Dollar rally has more legs to run Premium

Annual Core PCE inflation is forecast to rise to 4.8% in December from 4.7%. US Dollar Index surged to its highest level in more than a year on Fed's hawkish outlook.  Dollar is likely to continue to outperform its rivals in the near term.

Read more

Forex MAJORS

Cryptocurrencies

Signatures