EUR/USD Price Forecast: Bouncing from fresh 2024 lows, sellers still at the driver’s seat

Valeria Bednarik FXStreet

EUR/USD Current price: 1.0537

The Eurozone confirmed Q3 Gross Domestic Product at 0.4% QoQ.
Fed Chairman Jerome Powell and ECB President Christine Lagarde due to speak later in the day.
EUR/USD bounced sharply from fresh yearly lows but remains bearish in the long run.

The EUR/USD pair fell to fresh 2024 lows and currently trades at levels last seen in October 2023. Back then, EUR/USD bottomed at 1.0447, a potential bearish target as demand for the US Dollar (USD) prevails.

Movements across financial boards revolve around the latest United States (US) political developments. Former President Donald Trump stood victorious in the 2024 presidential election and the Republican party also seized control of Congress. The latest news on the matter showed the party has secured enough seats to control the House after already securing the Senate last week.

Trump’s victory weighs particularly in Asian markets, with Chinese shares under pressure since the election. Other than that, tepid local data hits the Asian giant, a discouraging combo that undermines stocks demand in the region.

Meanwhile, unimpressive European data weighs on the Euro. The Eurozone released the second estimate of the Q3 Gross Domestic Product (GDP), confirming the 0.4% gain in the three months to September. At the same time, the EU reported Industrial Production fell 2% on a monthly basis in September and by 2.8% from a year earlier, much worse than anticipated.

The American session will bring Initial Jobless Claims for the week ended November 8 and October Producer Price Index (PPI). Federal Reserve speakers will be on the wires, with Chair Jerome Powell due to participate in a panel discussion titled "Global Perspectives" at an event hosted by the Federal Reserve Bank of Dallas. Additionally, European Central Bank (ECB) president Christine Lagarde will also make a public appearance.

EUR/USD short-term technical outlook

The EUR/USD pair trades around 1.0530 after bottoming at 1.0495, bouncing amid some profit-taking. Nevertheless, technical readings in the daily chart maintain the risk skewed to the downside. The pair is down for a fifth consecutive day, moving further away from a firmly bearish 20 Simple Moving Average (SMA), which runs below flat 100 and 200 SMAs. Technical indicators, in the meantime, reached oversold readings, partially losing their downward strength.

In the near term, the current advance seems corrective and may continue in the upcoming sessions. Technical indicators in the 4-hour chart turned north at extreme levels, still far from signaling an interim bottom. At the same time, a bearish 20 SMA accelerates south, currently at around 1.0600. The longer moving averages also head lower, far below the shorter one, indicating limited buying interest.

Support levels: 1.0495 1.0450 1.0410

Resistance levels: 1.0560 1.0600 1.0645

(This story was corrected on November 14 at 13:58 GMT to say in the first paragraph that the EUR/USD pair fell to fresh 2024 lows, not highs)

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

EUR/USD gains traction to near 1.1800 as tariff uncertainty weighs on US Dollar

The EUR/USD pair holds positive ground around 1.1795 during the early Asian session on Tuesday. The US Dollar weakens against the Euro amid US tariff uncertainty. The release of the US January Producer Price Index report will be in the spotlight later on Friday.

GBP/USD treads water near 1.3500 as BoE-Fed divergence debate stalls

GBP/USD spent Monday spinning in place as market participants await a fresh catalyst to break the pair out of its recent range. The BoE's February hold came with a surprisingly dovish 5-4 split, and UK Consumer Price Index data last week showed inflation easing to 3.0%, reinforcing the case for earlier rate cuts, with most economists now looking to April or March for the next move.

Gold down but not out as key $5,140 support holds

Gold consolidates the advance to monthly top of $5,250 in Tuesday’s Asian trades. The US Dollar finds demand as liquidity returns and risk sentiment recovers, despite US tariffs uncertainty. Gold defends 61.8% Fibo resistance at $5,142 amid the pullback, daily RSI remains bullish.

Top Crypto Losers: BCH, HYPE, PUMP extend losses as Bitcoin drops below $64,000

Altcoins, including Bitcoin Cash, Hyperliquid, and Pump.fun, are leading losses over the last 24 hours as Bitcoin falls below $64,000 on Tuesday. The technical outlook for BCH, HYPE, and PUMP flags downside risk amid broader market selling.

Supreme Court nixes tariffs, Trump teases 15% global tariff

On February 20th, the Supreme Court ruled that Trump’s global tariffs under IEEPA authority were unconstitutional, effectively nullifying the framework. However, the relief was short-lived. Within hours, Trump floated a 15% blanket tariff under an alternative legal authority.

XRP recovers slightly as bearish sentiment dominates crypto market

Ripple is rising above $1.40 at the time of writing on Monday amid fresh tariff-triggered headwinds in the broader cryptocurrency market. The sell-off to $1.33, the token’s intraday low, can be attributed to macroeconomic uncertainty, geopolitical tensions and risk-averse sentiment among other factors.