EUR/USD trims gains and retreats to the 1.1300 zone as US dollar recovers


  • US Dollar Index drops modestly, off lows. 
  • US trade deficit shrunk more-than-expected to $49.4 billion during February. 
  • EUR/USD remains capped below 1.1330, supported on top of 1.1280. 

The EUR/USD pair peaked earlier today at 1.1323 on the back of an improvement in risk sentiment but failed to break higher and pulled back. After the beginning of the US session dropped to 1.1290 amid a recovery of the greenback across the board. 

The US Dollar Index (DXY) bottomed at 96.87 and rose back above 97.00, erasing most of the day’s losses. Data released today from the US that the trade deficit narrowed in February to $49.4 billion in February. “Our current forecast looks for Q1 GDP to grow at an annualized pace of 1.8%. This report suggests upside risk to that estimate stemming from trade”, said Wells Fargo analysts. In a few hours, the Federal Reserve will release the Beige Book about the state of the economy. 

Despite moving off highs, the EUR/USD holds in a small range on a quiet session. The upside continues to be limited below the 1.1330 level while the downside faces strong support between 1.1275 and 1.1290. Limited price action among financial market favors the current consolidation of the pair around 1.1300. 

EUR/USD levels to watch

At the moment, the pair is hovering around 1.1300, up 0.25% for the day. Top the upside, the immediate resistance is seen around the upper limit of the current range at 1.1320/25, followed by 1.13340 (200-week SMA) and 1.1355. On the flip side, support might be seen at 1.1275, 1.1250 (Apr 12 low) and 1.1210. 

EUR/USD

Overview
Today last price 1.1299
Today Daily Change 0.0018
Today Daily Change % 0.16
Today daily open 1.1281
 
Trends
Daily SMA20 1.1269
Daily SMA50 1.13
Daily SMA100 1.135
Daily SMA200 1.1445
Levels
Previous Daily High 1.1316
Previous Daily Low 1.128
Previous Weekly High 1.1326
Previous Weekly Low 1.1213
Previous Monthly High 1.1448
Previous Monthly Low 1.1176
Daily Fibonacci 38.2% 1.1293
Daily Fibonacci 61.8% 1.1302
Daily Pivot Point S1 1.1268
Daily Pivot Point S2 1.1256
Daily Pivot Point S3 1.1233
Daily Pivot Point R1 1.1304
Daily Pivot Point R2 1.1328
Daily Pivot Point R3 1.134

 

 

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 extends its gains toward 1.1300 after the dovish Fed decision

EUR/USD has extended its gains after the Fed opened the door to cutting interest rates, stating that uncertainties have increased. Markets are awaiting EU leaders to divvy up top jobs.

EUR/USD News

GBP/USD falls after the dovish BOE statement

GBP/USD retreats below 1.2700. after the BOE downgraded Q2 forecasts, noting downside risks have increased. Boris Johnson won the fourth round of the Conservative Contest in which Sajid Javid was eliminated.

GBP/USD News

USD/JPY: Remains vulnerable, bears likely to target levels below 107.00 handle

The USD/JPY pair finally broke down of its recent consolidative trading range, held over the past one week or so and tumbled to its lowest level since the early-Jan. flash crash. 

USD/JPY News

Gold fluctuates near multi-year highs above $1380, adds more than $20 on the day

With major central banks adopting a more cautious tone with regards to the economic outlook and hinting at rate cuts this week, gold became an investor favourite and the troy ounce of the precious metal rose more than $50 since the start of the week to touch its highest level since September 2013 at $1393.27.

Gold News

FOMC: Prelude to a rate cut?

The Federal Reserve added little new to its policy prescript in Wednesday’s FOMC statement and economic projections and with the anticipation for a July rate cut long priced into market levels the reaction was decidedly uninvolved.

Read more

Majors

Cryptocurrencies

Signatures