The Euro (EUR) was a touch firmer amid broad USD softness overnight, OCBC FX strategists Frances Cheung and Christopher Wong note.
Daily momentum is mild bearish
“Pair was last seen at 1.1098. Daily momentum is mild bearish while RSI was flat. Sideways trade likely with USD the main driver of direction. Support at 1.1026 (recent low), 1.10, 1.0930 (61.8% fibo retracement of 2024 high to low).”
“Resistance at 1.12 (recent high) and 1.1280 (2023 high). This week, focus is on retail sales (Thu) and GDP (Fri). Underwhelming data print could move the needle for markets to price in a more dovish ECB and for the EUR to trade lower.”
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 holds near 1.1100 after US employment data
EUR/USD clings to modest daily gains near 1.1100 in the American session on Thursday. The US Dollar struggles to stage a rebound following mixed employment-related data releases, allowing the pair to hold its ground.
GBP/USD stays above 1.3150 as markets assess US data
GBP/USD continues to trade in positive territory above 1.3150 on Thursday. After weakening against its rivals on weak ADP employment data, the US Dollar finds a foothold on upbeat Jobless Claims reading and limits the pair's upside.
Gold extends rebound toward $2,520
Gold extends its rebound and trades near $2,520 in the second half of the day on Thursday. The benchmark 10-year US Treasury bond yield stays in the red below 3.8% after US employment data, fuelling XAU/USD's daily rally.
Public companies hold over 580% more Bitcoin than four years ago, what’s next for BTC
Bitcoin adoption by businesses increased at a faster pace in the last four years. Data from Bitcointreasuries.net shows a spike in BTC accumulation by businesses, and over 580% increase between 2020 and 2024.
ADP Employment Change Preview: US private sector expected to add 145K new jobs in August
ADP Employment Change is forecast to arrive at 145,000 in August. Labor market conditions could influence the Fed’s policy outlook. The US Dollar stays resilient against its rivals after posting large losses in August.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.