EUR/USD unstoppable, looks to 1.1400 ahead of Draghi

The demand for the single currency stays everything but abated today, now pushing EUR/USD to fresh multi-month tops near 1.1370.

EUR/USD boosted by Draghi, USD-selling

Following a small drop on Monday, the pair has not only managed to revert the negative start but it has also climbed to levels last seen in June 2016 above 1.1360 ahead of the opening bell in Euroland.

Unexpected hawkish comments by President Draghi at the ECB Forum on Tuesday encouraged fresh buyers to turn up and drive spot higher, quickly leaving behind the critical 1.1300 barrier.

It is all the opposite on the USD-side. Tracked by the US Dollar Index (DXY), the buck plummeted to the 96.00 neighbourhood and is now threatening to challenge post-Trump’s win lows in the 95.90 region.

Ahead in the session, the last day of the ECB Forum in Portugal should keep markets entertained with speeches by Draghi, Kuroda, Carney and Poloz. On the data front, Italian flash CPI for the month of June could grab some attention while pending home sales and DoE’s report are due across the pond.

EUR/USD levels to watch

At the moment, the pair is gaining 0.20% at 1.1363 facing the next up barrier at 1.1434 (high Jun.24 2016) seconded by 1.1466 (high Apr.12 2016) and finally 1.1616 (high May 3 2016). On the other hand, a breakdown of 1.1218 (20-day sma) would target 1.1117 (low Jun. 20) en route to 1.1052 (55-day sma).

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

Stop losing your money! 
Learn to trade with us!

24/7 signals + Webinars    

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD pressured below 1.1900 amid virus concerns, USD rebound

EUR/USD is trading below 1.19, driven by a risk-off mood that favors the safe-haven dollar. Fed Chair Powell said the US economy is at an "inflection point" but urged caution regarding the virus. Covid concerns are weighing on the euro. 


GBP/USD bounces above 1.37 amid UK reopening

GBP/USD has recaptured 1.37 as sterling catches a bid. The UK is reopening non-essential shops and other businesses as its vaccination campaign proves successful in keeping covid cases down. The dollar is marginally bid amid a risk-off mood.


Gold: $1,730 holds the key for XAU/USD bulls amid a modest USD strength

A modest pickup in the USD demand exerted pressure on gold for the second straight session. The risk-off mood, softer US bond yields extended some support and might help limit losses.

Gold News

XRP price rally and Ripple's legal victories could mean settlement with SEC impending

Ripple Labs and its executives scored another victory recently in its ongoing legal battle against the US Securities & Exchange Commission. Judge Sarah Netburn denied the SEC access to the personal banking information of Brad Garlinghouse and Chris Larsen.

Read more

S&P 500 Week Ahead: Bears hibernate as records keep getting smashed, earnings season awaits

Equity markets continue to set new records as the Nasdaq plays catch up. Fundamentals are backing bulls as Fed doves dampen inflation concerns. Earnings week ahead will likely add more fuel to the fire.

Read more