- EUR/USD is having a 30-pip boost from daily lows after the US Consumer Price Index (CPI) came in line with expectations at 2.3% in June.
- At the time of writing the bull breakout seems to be short-lived as the market is rejecting the 100-period simple moving average. However the picture remains unclear just after the news release as market participants are repositioning themselves. Technicals suggest a continuation of the drift lower as long as the market stays below 1.1700.
- Earlier in Europe, the European Central Bank minutes sounded rather dovish weighing on the Euro.
EUR/USD 15-minute chart
Spot rate: 1.1673
Relative change: 0.02%
High: 1.1694
Low: 1.1649
Trend: Bearish
Resistance 1: 1.1700 figure
Resistance 2: 1.1730-1.1740 23.6% Fibonacci retracement from mid-April-May bear move and weekly open.
Resistance 3: 1.1775 supply level
Resistance 4: 1.1800 figure
Resistance 5: 1.1851-1.1854 area, June high and 38.2% Fibonacci retracement from mid-April-May bear move
Support 1: 1.1672 June 27 high
Support 2: 1.1640 supply/demand level
Support 3: 1.1600 figure
Support 4: 1.1560 June 14 low
Support 5: 1.1508 current 2018 low
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
EUR/USD climbs to 10-day highs above 1.0700
EUR/USD gained traction and rose to its highest level in over a week above 1.0700 in the American session on Tuesday. The renewed US Dollar weakness following the disappointing PMI data helps the pair stretch higher.
GBP/USD surpasses 1.2400 on further Dollar selling
Persistent bearish tone in the US Dollar lends support to the broad risk complex and bolsters the recovery in GBP/USD, which manages well to rise to fresh highs north of 1.2400 the figure post-US PMIs.
Gold trims losses on disappointing US PMIs
Gold (XAU/USD) reclaims part of the ground lost and pares initial losses on the back of further weakness in the Greenback following disheartening US PMIs prints.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
Germany’s economic come back
Germany is the sick man of Europe no more. Thanks to its service sector, it now appears that it will exit recession, and the economic future could be bright. The PMI data for April surprised on the upside for Germany, led by the service sector.