EUR/USD remains under pressure after short-lived rebound


  • US dollar loses momentum on risk appetite.
  • Market participants turn attention to Jackson Hole.
  • EUR/USD unable to recover 1.0000, holds near 20-year lows.

The EUR/USD rose from the daily low at 0.9907 to 0.9998 in a few minutes around the London fix, on the back of a broad-based slide of the US dollar. The euro failed to hold to gains and pulled back to the 0.9950 area.

The greenback weakened even as US yields held at daily highs. The improvement in risk sentiment weighed on the dollar. The Dow Jones is up by 0.37% and the Nasdaq gains 0.80%. The DXY printed a fresh , daily low at 108.36 and, as of writing, it is hovering around 108.70, up 0.22% for the day.

Data released on Wednesday showed Durable Goods Orders stood flat in July against expectations of a 0.6% rise and Pending Home Sales declined 1%, less-than-expected. The numbers did not have a significant impact on markets that are turning their attention to the Jackson Hole symposium.

Fed Chair Powell will deliver his speech on Friday. “While some may be looking for an explicit policy signal, we believe the Fed will leave all options open for the September 20-2 FOMC meeting. However, we expect Chair Powell and his colleagues to maintain a very hawkish tone at the symposium. We also give an overview of current U.S. economic conditions,” explained analysts at Brown Brothers Harriman.

The EUR/USD remains under pressure, unable to sustain a recovery. Another test of 0.9900 over the next sessions should not be ruled out. A break lower could trigger more losses, with the next support seen around 0.9860. A firm break above 1.0000 could alleviate the bearish pressure, particularly if the euro manages to recover 1.0030.

Technical levels

EUR/USD

Overview
Today last price 0.9967
Today Daily Change -0.0002
Today Daily Change % -0.02
Today daily open 0.9969
 
Trends
Daily SMA20 1.0173
Daily SMA50 1.0258
Daily SMA100 1.0458
Daily SMA200 1.0848
 
Levels
Previous Daily High 1.0018
Previous Daily Low 0.9901
Previous Weekly High 1.0268
Previous Weekly Low 1.0032
Previous Monthly High 1.0486
Previous Monthly Low 0.9952
Daily Fibonacci 38.2% 0.9973
Daily Fibonacci 61.8% 0.9946
Daily Pivot Point S1 0.9907
Daily Pivot Point S2 0.9845
Daily Pivot Point S3 0.9789
Daily Pivot Point R1 1.0025
Daily Pivot Point R2 1.008
Daily Pivot Point R3 1.0142

 

 

Share: Feed news

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


Recommended content

Editors’ Picks

How will US Dollar react to Fed policy announcements – LIVE

How will US Dollar react to Fed policy announcements – LIVE

The Federal Reserve (Fed) is widely expected to lower the policy rate by 25 bps to the range of 4.5%-4.75% after the November meeting. Chairman Powell's comments on the policy outlook in the aftermath of Donald Trump's victory could drive the USD's valuation.

FOLLOW US LIVE
EUR/USD extends recovery toward 1.0800 as USD retreats ahead of Fed

EUR/USD extends recovery toward 1.0800 as USD retreats ahead of Fed

EUR/USD continues to push higher toward 1.0800 on Thursday. The pair finds support from a broad US Dollar retreat, as traders unwind their Trump win-inspired USD longs ahead of the Federal Reserve's highly-anticipated policy announcements.

EUR/USD News
GBP/USD rebounds above 1.2950 after BoE policy announcements

GBP/USD rebounds above 1.2950 after BoE policy announcements

GBP/USD trades in positive territory above 1.2950 on Thursday. The Bank of England (BoE) lowered the policy rate by 25 basis points as expected but the upward revision to inflation projections helped the pair edge higher. Market focus now shifts to the Fed's policy decisions.

GBP/USD News
Gold nears $2,700 as Fed’s announcement looms

Gold nears $2,700 as Fed’s announcement looms

Gold recovers following Wednesday's sharp decline and trades above $2,680. The benchmark 10-year US Treasury bond yield edges lower after Trump-inspired upsurge, allowing XAU/USD to hold its ground ahead of the Fed policy decisions.

Gold News
Outlook for the markets under Trump 2.0

Outlook for the markets under Trump 2.0

On November 5, the United States held presidential elections. Republican and former president Donald Trump won the elections surprisingly clearly. The Electoral College, which in fact elects the president, will meet on December 17, while the inauguration is scheduled for January 20, 2025.

Read more
Best Forex Brokers with Low Spreads

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.

Read More

Forex MAJORS

Cryptocurrencies

Signatures