- EUR/USD pares the first daily gains in three during sluggish session.
- Clear downside break of weekly support line, sustained trading below 100-SMA favor sellers.
- Descending trend line from Tuesday adds to the upside filters.
- Weekly horizontal support restricts immediate downside amid steady RSI.
EUR/USD takes offers to consolidate the first daily gains in three around 1.0620 heading into Thursday’s European session. Even so, the major currency pair prints 0.13% intraday gains by the press time.
That said, the quote broke a one-week-old ascending trend line, as well as the 100-Simple Moving Average (SMA), the previous day and favored the bears.
The following corrective bounce off the late Friday’s trough, however, failed to cross the aforementioned hurdles and join the steady RSI (14) to keep sellers hopeful.
As a result, EUR/USD bears are likely to revisit the weekly horizontal support zone surrounding 1.0600, a break of which could quickly drag the quote towards the previous weekly low near 1.0575.
It’s worth noting that the pair’s weakness past 1.0575 will highlight the 1.0440 support level, as well as the monthly low of 1.0393 for the EUR/USD sellers.
On the contrary, the 100-SMA level of 1.0640 precedes the previous support line, around 1.0645 at the latest, to restrict the short-term EUR/USD upside.
Following that, a downward-sloping trend line from Tuesday, close to 1.0650 by the press time, will gain the market’s attention.
In a case where the EUR/USD bulls manage to cross the 1.0650 hurdle, which is less expected, the quote is likely to refresh the monthly high, currently around 1.0735.
EUR/USD: 30-minute chart
Trend: Further downside expected
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
How will US Dollar react to inflation data amidst all the tariff noise? – LIVE
Investors will take a break from the non-stop headlines surrounding the US tariff policy and scrutinize March Consumer Price Index (CPI) data from the US on Thursday, which could have a significant impact on the Fed policy outlook and the US Dollar's performance.
EUR/USD climbs higher toward 1.1100 ahead of US CPI release
EUR/USD extends its daily rally toward 1.1100 on Thursday as the Euro benefits from the EU's decision to pause countermeasure against US tariffs for 90 days. Meanwhile, the US Dollar remains under pressure ahead of CPI data, further boosting the pair.
Gold clings to gains above $3,110, closes in on all-time high
Gold builds on Wednesday's impressive gains and trades above $3,110 on Thursday. The broad-based selling pressure surrounding the US Dollar and retreating US bond yields on growing fears of a deepening trade war between China and the US fuel XAU/USD's rally.
GBP/USD rises above 1.2900, US CPI data awaited
GBP/USD preserves its bullish momentum and trades above 1.2900 on Thursday. The British Pound capitalizes on risk appetite, courtesy of Trump's tariff pause, allowing the pair to push higher as market focus shits to March inflation data from the US.
Trump’s tariff pause sparks rally – What comes next?
Markets staged a dramatic reversal Wednesday, led by a 12% surge in the Nasdaq and strong gains across major indices, following President Trump’s unexpected decision to pause tariff escalation for non-retaliating trade partners.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.