EUR/USD unable to reclaim 1.1200, Euro consolidates losses across the board


  • Euro the worst performer among majors so far weakened by Draghi and EZ data. 
  • US Dollar post mixed results, gains support from a rebound in US yields. 

The EUR/USD pair bottomed at 1.1180 earlier today, the lowest level in two weeks. The recovery was capped by 1.1210 and as of writing trades at 1.1190. Over the last hours, the pair has been consolidating daily losses, moving in the 1.1180/1.1210 range. 

The Euro was unable to hold on top of 1.1200 showing that still faces bearish pressure. The correction of the US dollar helped EUR/USD remain above 1.1180. The greenback weakened on the back of an improvement in risk appetite after Trump said it will meet Xi but the decline was limited by the bounce to the upside in US yields.

The common currency tumbled today after European Central Bank President Draghi hinted at more stimulus sending German yields to record lows. Data from the Eurozone came in below expectation adding to growth concerns and weighed on the Euro. 

Market attention turns now the FOMC meeting. Tomorrow the central bank will release it statement. No change in rates is except but analysts will look for clues about a potential rate cut in July. The shift in monetary expectations from the US boosted EUR/USD at the beginning of the months. The pair peak near 1.1350 and turned again to the downside, erasing most of the recent rally as ECB expectations also moved to the dovish side. 

Technical Levels 

EUR/USD

Overview
Today last price 1.1195
Today Daily Change -0.0023
Today Daily Change % -0.21
Today daily open 1.1218
 
Trends
Daily SMA20 1.1222
Daily SMA50 1.1219
Daily SMA100 1.1269
Daily SMA200 1.1359
Levels
Previous Daily High 1.1247
Previous Daily Low 1.1204
Previous Weekly High 1.1344
Previous Weekly Low 1.1202
Previous Monthly High 1.1266
Previous Monthly Low 1.1107
Daily Fibonacci 38.2% 1.1231
Daily Fibonacci 61.8% 1.122
Daily Pivot Point S1 1.1198
Daily Pivot Point S2 1.1179
Daily Pivot Point S3 1.1154
Daily Pivot Point R1 1.1242
Daily Pivot Point R2 1.1267
Daily Pivot Point R3 1.1286

 

 


 

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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD quickly approaching September low

The EUR/USD pair extended its slump towards 1.1760 after ECB’s Lagarde said the economic recovery in the EU is “very uncertain, uneven and incomplete.” Next relevant support at 1.1736, this month low.

EUR/USD News

GBP/USD consolidates losses around 1.2840

The Pound plunged on risk-aversion and PM Johnson acknowledging the kingdom is undergoing a second coronavirus wave. Health authorities mull further restrictions.

GBP/USD News

XAU/USD dives to sub-$1900 levels, six-week lows

Gold extended last week's rejection slide from a short-term descending trend-line resistance and tumbled to six-week lows during the early North American session.

Gold News

Bitcoin gets back in the game

Bitcoin is on its third positive consecutive session in a row on the dominance chart and points to strong market share increases. Crypto market raises doubts on price development in the short term.

Read more

WTI plummets to $39, down more than 4%

Crude oil prices closed the previous week sharply higher but erased a large portion of those gains on Monday. As of writing, the barrel of West Texas Intermediate was down 4.2%, the biggest daily percentage decline in nearly two weeks, at $39.15.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures