EUR/USD is taking a breather at the beginning of the New York session, having recovered a few pips after hitting fresh 9-year lows on the back of disappointing Eurozone data.
EUR/USD extended losses Thursday and scored a fresh low of 1.1753 before recovering slightly. Strong Eurozone retail sales figures did little to help the euro as they were offset by negative PPI readings (-0.3% MoM & -1.6% YoY).
EUR/USD has managed to move off lows but remains capped by 1.1800 and within a touching distance of recent lows. At time of writing, the pair is trading at 1.1782, down 0.47% on the day, as market focus now turns to Friday’s nonfarm payrolls report.
EUR/USD technical outlook
“From a technical point of view, the EUR/USD 1 hour chart shows that the price stands well below a bearish 20 SMA, now around 1.1820, whilst indicators aim to recover from oversold levels”, saidValeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart however, technical indicators maintain a strong bearish momentum despite deep in oversold territory, supporting further declines on a price acceleration through 1.1745 immediate support”.
EUR/USD extended losses Thursday and scored a fresh low of 1.1753 before recovering slightly. Strong Eurozone retail sales figures did little to help the euro as they were offset by negative PPI readings (-0.3% MoM & -1.6% YoY).
EUR/USD has managed to move off lows but remains capped by 1.1800 and within a touching distance of recent lows. At time of writing, the pair is trading at 1.1782, down 0.47% on the day, as market focus now turns to Friday’s nonfarm payrolls report.
EUR/USD technical outlook
“From a technical point of view, the EUR/USD 1 hour chart shows that the price stands well below a bearish 20 SMA, now around 1.1820, whilst indicators aim to recover from oversold levels”, saidValeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart however, technical indicators maintain a strong bearish momentum despite deep in oversold territory, supporting further declines on a price acceleration through 1.1745 immediate support”.
