EUR/USD up smalls above 1.1700 ahead of ECB minutes


  • The pair rebounds from multi-year lows at 1.1675 on Wednesday.
  • The greenback recedes from 2018 peaks near 94.20.
  • ECB minutes next of relevance later in the session.

After bottoming out in the 1.1680/75 band on Wednesday, EUR/USD met some buying interest and has now managed to regain the 1.1700 mark and above.

EUR/USD now looks to ECB

The pair trades with decent gains during the second half of the week, although it is still submerged into the broader bearish picture that saw a drop to fresh multi-month lows near 1.1675 yesterday.

The greenback is now a tad offered around the 93.80 region after recording tops near 94.20 on Wednesday, levels last seen in mid-December 2017.

Spot paid little attention to the release of the FOMC minutes on Wednesday, where the Committee noted that a temporary overshooting of the Fed’s inflation target would be in line with the symmetric inflation objective.

In the data space, German Q1 GDP figures showed the economy expanded 0.3% inter-quarter and 1.6% YoY, matching estimates. Later in the day, the ECB will publish its minutes from the April meeting, although it is worth recalling that President Draghi noted during his press conference that the Council did not discuss monetary policy, so the impact on FX could be limited.

Across the pond, the usual weekly report on the US labour market is due along with Existing Home Sales and the speech by NY Fed W.Dudley (permanent voter, centrist).

EUR/USD levels to watch

At the moment, the pair is up 0.08% at 1.1705 facing the next up barrier at 1.1829 (high May 22) seconded by 1.1808 (10-day sma) and finally 1.1897 (21-day sma). On the flip side, a break below 1.1676 (2018 low May 23) would target 1.1668 (low Oct.8 2017) en route to 1.1659 (monthly low Oct. 27 2017).

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 shakes above 1.18 after upbeat US retail sales

EUR/USD is trading above 1.18 after US retail sales missed with 1.2% in July but on top of upward revisions and alongside robust core increases. Consumer sentiment for August is awaited.

EUR/USD News

GBP/USD trades above 1.3050 ahead of more reopening steps

GBP/USD is trading above 1.3050, off the lows. The UK is set to ease some restrictions over the weekend, extending its gradual exit from lockdown. The US dollar is taking a break after gaining and ahead of retail sales. 

GBP/USD News

Gold trades with modest losses, below $1950 level

Gold traded with a mild negative bias through the early European session and was last seen hovering near the lower end of its daily range, around the $1945 region.

Gold News

Ethereum knocks out King Bitcoin

Ethereum exploded in the final hours of the American session yesterday, dealing a significant blow in its particular battle against Bitcoin. Technical analysis in previous days had shown the possibility of a bullish extension move.

Read more

WTI drops to $42 amid poor Chinese data led risk-aversion

WTI (futures on Nymex) has come under fresh selling pressure and attacks the $42 level, as risk-aversion seeps into the European session and diminishes the demand for the higher-yielding assets such as oil.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures