- EUR/USD bounced off the key Fibonacci support at 1.1107 as US Dollar selling resumed.
- Risk aversion and fears over pre-German inflation and US GDP could limit the pair's upside.
- Daily technical setups continue to remain constructive for EUR/USD in the near term.
EUR/USD It moved back into the green zone early Thursday, reversing some of Wednesday's sharp sell-off, but further gains appear unlikely if risk aversion picks up steam and safe-haven demand for the US Dollar (USD) revives.
Markets are trading cautiously amid disappointing revenue guidance from US AI giant Nvidia and growing jitters ahead of key economic data due to be released this week.
Germany is due to release preliminary inflation data and the United States is due to release its second estimate of gross domestic product (GDP) later on Thursday.
From a short-term technical perspective, the EUR/USD uptrend will remain intact as long as the support at 1.1107 holds, which is the 23.6% Fib retracement (Fibo) level of the August rally from 1.0775 to 1.1202, a 13-year high.
The 14-day relative strength index (RSI) has risen above 50 and is currently consolidating near 63, confirming bullish potential for the major currencies.
Acceptance above the psychological level of 1.1150 on a daily close basis is needed to retest the yearly high just above 1.1200, before Wednesday's high of 1.1186 could challenge the bearish stance.
Conversely, a sustained break below the aforementioned 23.6% Fib support at 1.1107 could trigger a drop towards the 38.2% Fib level of the same upside, which is aligned at 1.1045.
EUR/USD buyers will find immediate support at the 21-day simple moving average (SMA) at 1.1026 as any further decline could thwart the 1.1000 round levels.
EUR/USD: Daily Chart
Today's Euro Price
The table below shows the percentage change of the Euro (EUR) against the major listed currencies today: The Euro was strongest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | Australian Dollar | NZD | Swiss Franc | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.14% | -0.12% | -0.04% | -0.13% | -0.26% | -0.80% | -0.26% | |
| EUR | 0.14% | 0.01% | 0.10% | -0.00% | -0.13% | -0.66% | -0.11% | |
| GBP | 0.12% | -0.01% | 0.08% | -0.02% | -0.14% | -0.66% | -0.08% | |
| JPY | 0.04% | -0.10% | -0.08% | -0.08% | -0.23% | -0.78% | -0.18% | |
| CAD | 0.13% | 0.00% | 0.02% | 0.08% | -0.12% | -0.65% | -0.08% | |
| Australian Dollar | 0.26% | 0.13% | 0.14% | 0.23% | 0.12% | -0.51% | 0.06% | |
| NZD | 0.80% | 0.66% | 0.66% | 0.78% | 0.65% | 0.51% | 0.57% | |
| Swiss Franc | 0.26% | 0.11% | 0.08% | 0.18% | 0.08% | -0.06% | -0.57% |
The heat map displays the percentage change between major currencies. The base currency is selected from the left column and the quote currency is selected from the top row. For example, if you select Euro from the left column and move along the horizontal line to US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).
