EUR/USD unable to recover 1.2100, erases daily gains

EUR/USD turned to the downside near 1.2100.
Price flat for the day, still under pressure.

Matías Salord FXStreet

The EUR/USD rose after the beginning of the American session toward the 1.2100 area again. Like what happened on European hours it lost momentum and tuned to the downside. It fell recently to 1.2064, above the daily low of 1.2050. The euro remains weak versus the US dollar, near the weekly lows.

The retreated from the 1.2100 took place as the US dollar stabilized across the board after a slide following Wall Street’s opening bell and amid a decline in US yields. The 10-year dropped to 1.66% after hitting 1.70% earlier on Thursday.

The improvement in risk appetite helped EUR/USD remain above 1.2050. The Dow Jones gains 1.30% and the Nasdaq 0.65%. Economic data form the US showed again higher than expected inflation readings (April’s PPI) and a bigger-than-expected decline in initial jobless claims.

Short-term outlook: Failure at 1.2100

In the short-term the EUR/USD is biased to the downside. A test of the 1.2050 area over the next sessions should not be ruled out. The next support stands at 1.2025 and then a strong barrier is seen at 1.1995/1.2000.

A consolidation above 1.2100 would alleviate the bearish pressure. And above 1.2120, the short-term bias would likely favor the upside.

Technical levels

EUR/USD

Overview
Today last price	1.2065
Today Daily Change	-0.0008
Today Daily Change %	-0.07
Today daily open	1.2073

Trends
Daily SMA20	1.2064
Daily SMA50	1.1951
Daily SMA100	1.2046
Daily SMA200	1.1955

Levels
Previous Daily High	1.2152
Previous Daily Low	1.2066
Previous Weekly High	1.2172
Previous Weekly Low	1.1986
Previous Monthly High	1.215
Previous Monthly Low	1.1713
Daily Fibonacci 38.2%	1.2099
Daily Fibonacci 61.8%	1.2119
Daily Pivot Point S1	1.2042
Daily Pivot Point S2	1.201
Daily Pivot Point S3	1.1955
Daily Pivot Point R1	1.2128
Daily Pivot Point R2	1.2184
Daily Pivot Point R3	1.2215

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

GBP/USD bounces off lows, back above 1.3200

After bottoming out near 1.3160, GBP/USD manages to regain a bit of shine and reclaim the 1.3200 mark and beyond at the end of the week. Stronger-than-expected UK Retail Sales data seem to be helping the British Pound limit its losses, while the chaotic UK political environment keeps the bulls at bay for now.

EUR/USD looks consolidative around 1.1460

EUR/USD stages a modest rebound after slipping to a three-month low below 1.1420 at the end of the week. That said, the pair now looks to consolidate humble gains just above 1.1460 despite growing uncertainty surrounding the next round of US-Iran negotiations, which keeps the US Dollar’s downside contained.

Gold slips back to six-day lows, targets $4,100

Gold retreats for the third consecutive day on Friday, eroding gains seen in the first half of the week and approaching the key $4,100 mark per troy ounce. Indeed, the precious metal continues to face headwinds from the Fed's hawkish stance and renewed uncertainty surrounding the next round of US-Iran negotiations.

Solana extends correction despite ETF inflows, RWA adoption

Solana (SOL) price edges below $70 extending its losses for the fourth straight day this week. The institutional demand for Solana is building, with steady inflows so far this week and Morgan Stanley’s amended S-1 filing for a Solana-focused Exchange-Traded Fund.

The Iran war didn't break the US economy, but what happens next?

Nearly four months after the start of the Iran war, the US economy remains remarkably resilient. While the conflict initially triggered a severe disruption to global energy markets and a sharp rise in Oil prices, recent diplomatic progress between Washington and Tehran has eased concerns about a prolonged supply shock.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.