EUR/USD consolidates the recovery from monthly lows. Dollar dumped amid downbeat US economic releases. Next of note remains the US Michigan Consumer Sentiment. EUR/USD pair is holding on to the overnight gains, consolidating the over 100-pips recovery from monthly lows of 1.1737 ahead of the European open. The main currency pair witnessed good two-way businesses on Thursday, courtesy of the volatility in the US dollar across its main competitors. During the first half of the day, the greenback bulls cheered the Fed’s optimism on the economic outlook and knocked-off the major to the lowest levels in four weeks. The confirmation of deflation seeping back into the Eurozone combined with the continued rise in coronavirus cases in the block also tempered the sentiment around the common currency. The Eurozone annualized CPI confirmed the -0.2% previous estimate. However, the tide turned in favor of the EUR bulls after the dollar was dumped broadly following the release of the downbeat US jobless claims, Philly Fed manufacturing index and housing data. Disappointing US data re-ignited concerns over the strength of the economic recovery. Wall Street stocks tumbled alongside the Treasury yields, which further dragged the US currency southwards. Looking ahead, the US University of Michigan (UoM) Preliminary Consumer Sentiment data will remain in focus for fresh impetus on the spot. Meanwhile, the EUR docket remains light, with the second-liner German Producers Price Index (PPI) and Eurozone Current Account due for release. EUR/USD: Technical levels “Should the quote slip below 1.1843, 61.8% Fibonacci retracement of September 15-17 downside close to 1.1838 and 200-HMA surrounding 1.1830 will be the key to watch before taking additional selling positions. Until then, the 1.1900 threshold lures EUR/USD bulls before probing them with September 10 top near 1.1920, the 1.2000 psychological magnet and the monthly high of 1.2011,” FXStreet’s Analyst Anil Panchal notes. EUR/USD: Additional levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/JPY Price Analysis: Sellers battle 100-day SMA to justify bearish hammer on D1 FX Street 1 year EUR/USD consolidates the recovery from monthly lows. Dollar dumped amid downbeat US economic releases. Next of note remains the US Michigan Consumer Sentiment. EUR/USD pair is holding on to the overnight gains, consolidating the over 100-pips recovery from monthly lows of 1.1737 ahead of the European open. The main currency pair witnessed good two-way businesses on Thursday, courtesy of the volatility in the US dollar across its main competitors. During the first half of the day, the greenback bulls cheered the Fed’s optimism on the economic outlook and knocked-off the major to the lowest levels in four weeks. The confirmation… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
