EUR/USD Eyes 1.1410 As Key Economic Releases Weigh

FXOpen

EUR/USD Eyes 1.1410 As Key Economic Releases Weigh

The EUR/USD pair traded as high as 1.1331 after European stocks opened sharply lower, but was unable to move far away ahead of the major events involving both economies later on this week. As per technical analysis, the pair eyes 1.1410 in medium term.

Having closed the day right below the 1.1300 level, a mild positive tone prevails in the short term, as the 1 hour chart shows that the 20 SMA heads lower below the current price, whilst the pair holds above 1.1280, the 61.8% retracement of its latest bullish run.

In the 4 hours chart, the upside is also favored, with the indicators heading north around their mid-lines, and the 20 SMA providing support around the mentioned session low.

Meanwhile Chinese jitters, with falling stocks and an economic slowdown, continued to be the main market mover yesterday, keeping risk aversion high and spurring demand for safe-haven assets.

In Europe, German manufacturing improved at its fastest pace in 16 months during August, with the local PMI rising from July’s 51.8 to 53.3.

In France and Germany, the manufacturing sector deteriorated again in August, which resulted in an overall EU reading of 52.3, slightly below expected. In the US, the ISM Manufacturing PMI also missed expectations, printing 51.1 in August, against previous 52.7.

The lack of encouraging data to revert market sentiment, maintains investors in risk-off mode.

Considering the overall technical and fundamental outlook, buying the pair around current levels appears to be a good strategy as long as 1.1155 support area is intact.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Forex Trading with FXOpen

Forex Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Access over 50 markets
  • Trade with spreads from 0.0 pips
  • Take advantage of commissions from $1.50/lot
Learn more

Latest articles

Gold Price Plunges After Climbing to $3,500 for the First Time
Commodities

Gold Price Plunges After Climbing to $3,500 for the First Time

As the XAU/USD chart shows:
→ Yesterday, the spot gold price stopped just a few cents short of the key psychological level of $3,500 (and even exceeded it on the futures market);
→ But this morning, an ounce is trading

Alphabet (GOOGL) Shares Hover Near Psychological Level Ahead of Earnings Report
Shares

Alphabet (GOOGL) Shares Hover Near Psychological Level Ahead of Earnings Report

On 31 March, we noted that bearish sentiment could push Alphabet’s (GOOGL) share price towards the psychological level of $150. As the current price chart suggests, GOOGL is now trading close to that very level.

Moreover, the price is

Market Volatility Continues to Rise
Forex Analysis

Market Volatility Continues to Rise

Amid global economic instability and escalating tariff tensions, the EUR/USD and GBP/USD currency pairs are showing strong growth. Following statements by Donald Trump regarding the potential dismissal of Federal Reserve Chair Jerome Powell, pressure on the US dollar

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.