- EUR/USD rises due to US GDP shortfall and elevated inflation data.
- Technical resistance near 50 and 200-day MAs at 1.0805/07; 100-DMA at 1.0848 next hurdle.
- Downside below 1.0694 could retest year's low at 1.0601, possibly extending to 1.0516.
On Thursday, the Euro rose against the US Dollar after US economic data portrayed the economy as weaker than expected. At the same time, the inflation figure prompted investors to price out the Federal Reserve's rate cuts in 2024. At the time of writing, the EUR/USD trades at 1.0729, up by 0.29%.
EUR/USD Price Analysis: Technical outlook
From a technical standpoint, the EUR/USD remains bearishly biased, but in the short term, it could test the confluence of the 50 and 200-day moving averages (DMAs) at 1.0805/07. If buyers clear that stir resistance, buyers must crack the 100-DMA at 1.0848. Subsequent gains are seen above that level, with the 1.0900 mark up next.
On the flip side, if EUR/USD sellers drag the spot price below the February 14 low of 1.0694, that would pave the way toward the year-to-date (YTD) low of 1.0601, followed by the November 1, 2023, intermediate support at 1.0516.
EUR/USD Price Action – Daily Chart
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: Further losses retarget the 200-day SMA
Further gains in the greenback and a bearish performance of the commodity complex bolstered the continuation of the selling pressure in AUD/USD, which this time revisited three-day lows near 0.6560.
EUR/USD: Further weakness remains on the cards
EUR/USD added to Tuesday’s pullback and retested the 1.0730 region on the back of the persistent recovery in the Greenback, always against the backdrop of the resurgence of the Fed-ECB monetary policy divergence.
Gold flirts with $2,320 as USD demand losses steam
Gold struggles to make a decisive move in either direction and moves sideways in a narrow channel above $2,300. The benchmark 10-year US Treasury bond yield clings to modest gains near 4.5% and limits XAU/USD's upside.
Bitcoin price dips to $61K range, encourages buying spree among BTC fish, dolphins and sharks
Bitcoin (BTC) price is chopping downwards on the one-day time frame, while the outlook seen in the one-week period is a horizontal trade. In this shakeout moment, data shows that large holders are using the correction to buy up BTC.
Navigating the future of precious metals
In a recent episode of the Vancouver Resource Investment Conference podcast, hosted by Jesse Day, guests Stefan Gleason and JP Cortez shared their expert analysis on the dynamics of the gold and silver markets and discussed legislative efforts to promote these metals as sound money in the United States.