EUR/USD Current price: 1.0857
- The strong momentum in metals undermined demand for the US Dollar.
- The calendar will feature no macroeconomic data but multiple Fed speakers.
- EUR/USD trades within familiar levels on Monday, lacks clear directional strength.
The EUR/USD pair trades around 1.0860 on a quiet Monday, hovering around its daily opening mid-European morning. Financial markets are in a good mood, with global stocks advancing, keeping the US Dollar on the back foot, particularly against commodity-linked rivals. Record highs in Gold and substantial advances in other metals also undermined demand for the Greenback, albeit an empty European macroeconomic calendar prevents the Euro from advancing.
Heading into the United States (US) opening, easing commodities gives the USD room to add some pips, although EUR/USD continues to lack volatility. The upcoming session won’t bring relevant data either, although multiple Federal Reserve (Fed) speakers will be on the wires and may introduce some noise.
EUR/USD short-term technical outlook
The daily chart for the EUR/USD pair shows a bullish overall stance. The pair trades above all its moving averages, while the 20 Simple Moving Average (SMA) maintains its upward slope, although below mildly bearish 100 and 200 SMAs. In the meantime, technical indicators hold well above their midlines, although heading in different directions, reflecting the absence of a clear directional interest.
In the near term, and according to the 4-hour chart, the risk skews to the downside. The pair has slid below a still bearish 20 SMA and aims to extend its decline. The 100 and 200 SMAs aim marginally higher over 100 pips below the current level, too far to be relevant. Finally, technical indicators aim firmly lower. The Momentum indicator has already pierced its 100 line, while the Relative Strength Index (RSI) indicator approaches its midline from above, reflecting the latest selling batch.
Support levels: 1.0830 1.0795 1.0750
Resistance levels: 1.0890 1.0920 1.0960
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
AUD/USD: The hunt for the 0.7000 hurdle
AUD/USD quickly left behind Wednesday’s strong pullback and rose markedly past the 0.6900 barrier on Thursday, boosted by news of fresh stimulus in China as well as renewed weakness in the US Dollar.
EUR/USD rebounds on Thursday after midweek pullback
EUR/USD tuned back into the high end on Thursday, getting bolstered by a broad-market selloff in the Greenback. US data that printed better than expected helped to ease concerns of a possible economic slowdown within the US economy looming over the horizon.
Gold holding at higher ground at around $2,670
Gold breaks to new high of $2,673 on Thursday. Falling interest rates globally, intensifying geopolitical conflicts and heightened Fed easing bets are the main factors.
Ethena Labs launches new UStb stablecoin backed by BlackRock's BUIDL token
Ethena Labs announced on Thursday that it has released a new stablecoin product, UStb. The new stablecoin will be fully collateralized by BlackRock's USD Institutional Digital Liquidity Fund and function similarly to a traditional stablecoin.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.