- EUR/USD is under pressure after the release of the US Gross Domestic Product.
- The market had a bullish spike which covered the entire daily range after comments from ECB's Knot.
- The level to beat for sellers is the 1.1052 support followed by the 1.1033 level.
EUR/USD daily chart
On the daily time-frame, the shared currency is trading in a bear trend below its main daily simple moving averages (DSMAs). The US Gross Domestic Product Annualized (GDP) came in line with expectations at 2% in the second quarter. Earlier in the London session, the German inflation in August (YoY) came below expectations at 1% vs. 1.2% forecast by analysts.
EUR/USD 4-hour chart
The Fiber is under selling pressure below the main SMAs. The market is trading below the 1.1080 resistance, which is leaving the door open for a potential move down towards 1.1052, 1.1033 and 1.1016 levels, according to the Technical Confluences Indicator.
EUR/USD 30-minute chart
EUR/USD is near the weekly lows trading below the main SMAs, suggesting a bearish momentum in the near term. Immediate resistances are seen at 1.1080, 1.1098 and 1.1117 levels, according to the Technical Confluences Indicator. In the New York session, the market had a bullish spike which covered the entire daily range only to be retraced minutes after. ECB’s Knot said there was “no need to resume a Quantitative Easing program” and “the ECB’s September meeting exactions are overdone.”
Additional key levels
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
AUD/USD: Extra gains in the pipeline above 0.6520
AUD/USD partially reversed Tuesday’s strong pullback and regained the 0.6500 barrier and beyond in response to the sharp post-FOMC pullback in the Greenback on Wednesday.
EUR/USD jitters post-Fed with NFP Friday over the horizon
EUR/USD cycled familiar territory on Wednesday after the US Federal Reserve held rates as many investors had expected. However, market participants were hoping for further signs of impending rate cuts from the US central bank.
Gold prices skyrocketed as Powell’s words boosted the yellow metal
Gold prices rallied sharply above the $2,300 milestone on Wednesday after the Federal Reserve kept rates unchanged while announcing that it would diminish the pace of the balance sheet reduction.
Ethereum plunges outside key range briefly as US Dollar Index gains strength
Institutional whales appear to be dumping Ethereum after recent dip. Fed’s decision to leave rates unchanged appears to have helped ETH's price recover slightly. SEC Chair Gensler has misled Congress, considering recent revelations from Consensys suit, says Congressman McHenry.
The FOMC whipsaw and more Yen intervention in focus
Market participants clung to every word uttered by Chair Powell as risk assets whipped around in a frenetic fashion during the afternoon US trading session.