EUR/USD Current Price: 1.1094
- Sentiment in better shape ahead of critical US data.
- EUR/USD capped by Fibonacci resistance, bearish below 1.1065.
The EUR/USD pair has recovered some ground this Monday, reaching a daily high of 1.1106, and trading not far below the level. Speculative interest is unmotivated amid a scarce macroeconomic calendar and first-tier data programmed for later this week. The positive tone of equities and a modest uptick in government debt yields are playing against the greenback.
The European Union released September Money Supply, which resulted at 5.5% YoY, missing the market’s expectations, while for the quarter it rose by 5.5% as expected. Private Loans were up by 3.4% against the expected 3.5%.
The US has already released the September Chicago Fed National Activity Index, which came in at -45 against the expected -0.37, and the Goods Trade Balance for the same month, which posted a deficit of $70.39B. Wholesales inventories declined by 0.3%. Pending of release is the October Dallas Fed Manufacturing Business Index, expected at 1.4 from the previous 1.5.
EUR/USD short-term technical outlook
The EUR/USD pair met sellers ahead of the 23.6% retracement of its latest bullish run, with the 38.2% retracement of the same advance providing immediate support at 1.1065. In the 4-hour chart, a bearish 20 SMA converges with the mentioned Fibonacci resistance, while technical indicators remain within negative levels, although lacking directional strength. The overall stance is negative, although little should be expected on this first day of the week.
Support levels: 1.1065 1.1020 1.0980
Resistance levels: 1.1115 1.1150 1.1180
View Live chart for the EUR/USD
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
EUR/USD extends recovery beyond 1.0400 amid Wall Street's turnaround
EUR/USD extends its recovery beyond 1.0400, helped by the better performance of Wall Street and softer-than-anticipated United States PCE inflation. Profit-taking ahead of the winter holidays also takes its toll.
GBP/USD nears 1.2600 on renewed USD weakness
GBP/USD extends its rebound from multi-month lows and approaches 1.2600. The US Dollar stays on the back foot after softer-than-expected PCE inflation data, helping the pair edge higher. Nevertheless, GBP/USD remains on track to end the week in negative territory.
Gold rises above $2,620 as US yields edge lower
Gold extends its daily rebound and trades above $2,620 on Friday. The benchmark 10-year US Treasury bond yield declines toward 4.5% following the PCE inflation data for November, helping XAU/USD stretch higher in the American session.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Bank of England stays on hold, but a dovish front is building
Bank of England rates were maintained at 4.75% today, in line with expectations. However, the 6-3 vote split sent a moderately dovish signal to markets, prompting some dovish repricing and a weaker pound. We remain more dovish than market pricing for 2025.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.