- EUR/USD is currently capped at the 1.1600 as bulls are trying to break the level to the upside.
- EUR/USD is taking its cues mainly from the US Dollar on data-light Wednesday.
The single currency is mostly trading sideways on Wednesday as EUR/USD is oscillating between the 1.1536 and the 1.6010 levels.
On data-light Wednesday EUR/USD is mainly taking its cues from technical trading and the development from the US-China trade war.
Earlier in the day, ECB (European Central Bank)’s President Mario Draghi and the Federal Reserve Bank’s Chairman Jerome Powell shared a discussion panel the at the ECB (European Central Bank) Forum in Sintra, Portugal. However the forum had no major impact on the currency pair. It is worth remembering that ECB’s President Mario Draghi said last Tuesday that the ECB will remain patient and prudent in regards to when will start the next hiking cycle which is potentially bearish for EUR.
Meanwhile, the US Dollar Index which gauges the strength of the greenback versus a basket of currencies is trading sideways finding support at 95.00 at the time of writing.
EUR/USD 15-minute chart
-636651090868011872.png)
EUR/USD is currently trapped in a tight trading range between 1.550 and 1.1600. A breakout above 1.1600 could lead to a test of 1.1650 while a strong breakout below the 1.1550 can lead to a retest of 1.1510, current 2018 low.
Spot rate: 1.1586
Relative change: 0.00%
High: 1.1601
Low: 1.1536
Trend: Neutral
Resistance 1: 1.1600 figure
Resistance 2: 1.1645 June 19 high
Resistance 3: 1.1730, 23.6% Fibonacci retracement from mid-April-May bear move
Support 1: 1.1550 figure
Support 2: 1.1510, current 2018 low
Support 3: 1.1400 figure
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.