EUR/USD Forecast: Sellers to retain control unless Euro reclaims 1.0820
Premium|Take advantage of 50% OFF on your first month.
Start your subscription and get access to all our original articles.
You have reached your limit of 5 free articles for this month.
Get Premium without limits for only $479.76 for the first month
Access all our articles, insights, and analysts.
UNLOCK OFFER- EUR/USD declined to a fresh multi-week low below 1.0800.
- The pair could find a foothold in case risk mood improves later in the day.
- Market participants will pay close attention to US employment data.
EUR/USD came under renewed bearish pressure in the American trading hours on Tuesday and declined below 1.0800 for the first time in three weeks. The pair went into a consolidation phase on Wednesday and was last seen moving up and down in a tight channel.
Although the initial reaction to mixed macroeconomic data releases from the US caused the US Dollar (USD) to lose some interest, the currency managed to gather strength as the market mood remained cautious.
JOLTS Job Openings declined sharply to 8.7 million in October from 9.35 million in September. On a positive note, the ISM Services PMI improved to 52.7 in November from 51.8 in October, highlighting a pickup of growth momentum in the service sector's economic activity.
Euro price this week
The table below shows the percentage change of Euro (EUR) against listed major currencies this week. Euro was the weakest against the US Dollar.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | 1.02% | 0.92% | 0.61% | 1.52% | 0.52% | 0.94% | 0.87% | |
| EUR | -1.04% | -0.09% | -0.41% | 0.51% | -0.53% | -0.06% | -0.14% | |
| GBP | -0.95% | 0.10% | -0.31% | 0.60% | -0.41% | 0.02% | -0.04% | |
| CAD | -0.63% | 0.41% | 0.30% | 0.89% | -0.14% | 0.31% | 0.26% | |
| AUD | -1.54% | -0.49% | -0.60% | -0.92% | -1.06% | -0.59% | -0.64% | |
| JPY | -0.55% | 0.52% | 0.57% | 0.13% | 1.07% | 0.47% | 0.37% | |
| NZD | -0.95% | 0.08% | -0.02% | -0.33% | 0.58% | -0.43% | -0.06% | |
| CHF | -0.91% | 0.15% | 0.03% | -0.26% | 0.63% | -0.39% | 0.04% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).
Later in the session, the Automatic Data Processing will release the private sector employment data for November, which is expected to show an increase of 130,000. In case this number disappoints with a print below 100,000, the USD is likely to weaken against its rivals with the initial reaction. On the other hand, a positive surprise could cap EUR/USD's upside by providing a boost to the USD ahead of Friday's jobs report.
EUR/USD Technical Analysis
EUR/USD faces immediate support at 1.0760, where the 200-period Simple Moving Average (SMA) on the four-hour chart meets the Fibonacci 50% retracement of the latest uptrend. In the meantime, the Relative Strength Index (RSI) indicator on the 4-hour chart stays near 70, suggesting that sellers could refrain from betting on an extended decline before the pair makes a technical correction.
Below 1.0760, 1.0700 (psychological level, Fibonacci 61.8% retracement) aligns as next support. On the upside, 1.0800 (static level) could be seen as interim resistance ahead of 1.0820 (200-day SMA) and 1.0900 (100-period SMA, Fibonacci 23.6% retracement).
- EUR/USD declined to a fresh multi-week low below 1.0800.
- The pair could find a foothold in case risk mood improves later in the day.
- Market participants will pay close attention to US employment data.
EUR/USD came under renewed bearish pressure in the American trading hours on Tuesday and declined below 1.0800 for the first time in three weeks. The pair went into a consolidation phase on Wednesday and was last seen moving up and down in a tight channel.
Although the initial reaction to mixed macroeconomic data releases from the US caused the US Dollar (USD) to lose some interest, the currency managed to gather strength as the market mood remained cautious.
JOLTS Job Openings declined sharply to 8.7 million in October from 9.35 million in September. On a positive note, the ISM Services PMI improved to 52.7 in November from 51.8 in October, highlighting a pickup of growth momentum in the service sector's economic activity.
Euro price this week
The table below shows the percentage change of Euro (EUR) against listed major currencies this week. Euro was the weakest against the US Dollar.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | 1.02% | 0.92% | 0.61% | 1.52% | 0.52% | 0.94% | 0.87% | |
| EUR | -1.04% | -0.09% | -0.41% | 0.51% | -0.53% | -0.06% | -0.14% | |
| GBP | -0.95% | 0.10% | -0.31% | 0.60% | -0.41% | 0.02% | -0.04% | |
| CAD | -0.63% | 0.41% | 0.30% | 0.89% | -0.14% | 0.31% | 0.26% | |
| AUD | -1.54% | -0.49% | -0.60% | -0.92% | -1.06% | -0.59% | -0.64% | |
| JPY | -0.55% | 0.52% | 0.57% | 0.13% | 1.07% | 0.47% | 0.37% | |
| NZD | -0.95% | 0.08% | -0.02% | -0.33% | 0.58% | -0.43% | -0.06% | |
| CHF | -0.91% | 0.15% | 0.03% | -0.26% | 0.63% | -0.39% | 0.04% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).
Later in the session, the Automatic Data Processing will release the private sector employment data for November, which is expected to show an increase of 130,000. In case this number disappoints with a print below 100,000, the USD is likely to weaken against its rivals with the initial reaction. On the other hand, a positive surprise could cap EUR/USD's upside by providing a boost to the USD ahead of Friday's jobs report.
EUR/USD Technical Analysis
EUR/USD faces immediate support at 1.0760, where the 200-period Simple Moving Average (SMA) on the four-hour chart meets the Fibonacci 50% retracement of the latest uptrend. In the meantime, the Relative Strength Index (RSI) indicator on the 4-hour chart stays near 70, suggesting that sellers could refrain from betting on an extended decline before the pair makes a technical correction.
Below 1.0760, 1.0700 (psychological level, Fibonacci 61.8% retracement) aligns as next support. On the upside, 1.0800 (static level) could be seen as interim resistance ahead of 1.0820 (200-day SMA) and 1.0900 (100-period SMA, Fibonacci 23.6% retracement).
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.