EUR/USD weakens farther below mid-1.1200s, fresh 1-week lows post-US retail sales

   •  The shared currency continues to be weighed down by today’s sluggish Euro-zone PMIs.
   •  The USD gets an additional boost after stronger than expected US monthly retail sales.

The EUR/USD pair maintained its heavily offered tone through the early North-American session and dropped to fresh one-week lows, further below mid-1.1200s post-US macro data.

Having repeatedly failed to find acceptance above the 1.1300 round figure mark, the pair met with some aggressive selling pressure on Thursday after yet another disappointing release of Euro-zone PMI prints for April. Sluggish European data weighed heavily on the shared currency and also reignited global growth fears, which further underpinned the US Dollar's relative safe-haven status. 

The greenback got an additional boost in reaction to the latest macro data, showing that the US monthly retail sales recorded a stronger than expected 1.6% m/m growth in March. Adding to this, core retail sales - excluding automobiles, and the closely watched Retail Sales Control Group also bettered market expectations and remained supportive of the bid tone surrounding the buck.

Meanwhile, the better than expected release of the usual initial weekly jobless claims, coming in at 192K for the week ended April 12 as compared to a rise to 205K expected, was partly offset by a slight disappointment from the Philly Fed manufacturing index, which fell to 8.5 for April from 13.7 previous and 10.4 anticipated, and thus, failed to provide any additional bullish impetus.

Nevertheless, the pair remains on track to end the week on a downbeat note and erode a major part of the last week's goodish recovery gains, clearly indicating the resumption of the prior/well-established bearish trend.

Technical levels to watch


Today last price 1.1247
Today Daily Change -0.0049
Today Daily Change % -0.43
Today daily open 1.1296
Daily SMA20 1.1264
Daily SMA50 1.1298
Daily SMA100 1.1349
Daily SMA200 1.1443
Previous Daily High 1.1324
Previous Daily Low 1.1279
Previous Weekly High 1.1326
Previous Weekly Low 1.1213
Previous Monthly High 1.1448
Previous Monthly Low 1.1176
Daily Fibonacci 38.2% 1.1307
Daily Fibonacci 61.8% 1.1296
Daily Pivot Point S1 1.1275
Daily Pivot Point S2 1.1254
Daily Pivot Point S3 1.1229
Daily Pivot Point R1 1.132
Daily Pivot Point R2 1.1345
Daily Pivot Point R3 1.1366



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 hits fresh three-week lows as optimism from German data fades

EUR/USD has hit a fresh three-week low below 1.1070 as optimism from better-than-expected German PMIs fades. The data still points to a downturn. Tension mounts ahead of Fed's Powell critical speech on Friday.


GBP/USD surges above 1.2200 on Merkel's Brexit optimism

GBP/USD is trading above 1.2250, at the highest this month after German Chancellor Merkel said a solution to the Irish backstop can be found by October 31st. UK PM Johnson is meeting French President Macron.


USD/JPY: Weaker below 106.50, focus on T-yields ahead of Powell

USD/JPY trades weaker below the 106.50 level, tracking the negative S&P 500 futures and a cautious sentiment on the Asian equities, as attention shifts from the FOMC minutes to the Fed's Powell speech for fresh direction. 


Gold plummets to fresh nine-day lows near $1,492 on surging US T-bond yields

The XAU/USD pair came under renewed bearish pressure in the last hour and broke below the critical $1,500 as the rising US Treasury bond yields made it difficult for the safe-haven gold to find demand.

Gold News

Top 3 Price Prediction Bitcoin, Ripple, Ethereum: BTC to $50,000 or Gold to $5,000? Current crypto levels to watch

"Gold will reach $5,000" claimed Peter Schiff, a crypto critic, and a gold bug. "Bitcoin will reach $50,000," said Tom Lee. Both influences clashed on social media and on television about future prices. 

Read more