The EUR/USD pair is seeing some bullish interest after bouncing back from a horizontal resistance level that was established at 1.1460-1.1470 the previous day. Still, it hasn’t really broken free from the range observed a few weeks back. During the Asian session on Wednesday, prices remained between 1.1435 and 1.1440, marking a second consecutive day of gains, largely due to a slight dip in the US dollar.
The US consumer inflation figures released on Tuesday were weaker than anticipated, which prompted traders to reassess their expectations regarding interest rate increases from the Federal Reserve. This has somewhat tempered the momentum for USD optimists and given a lift to EUR/USD. Nonetheless, there are persistent inflation concerns tied to soaring oil prices, and Federal Reserve Chairman Kevin Warsh has emphasized the importance of maintaining price stability. Moreover, tensions between the US and Iran could also place limits on how far the US dollar might drop and create a cap for the pair.
The EUR/USD pair hasn’t managed to capitalize on its recent strength, having just managed to stay above the 23.6% Fibonacci retracement level from the decline seen from April to June. Also, the momentum indicators hint at a potential for a rebound, rather than indicating a trend reversal. The Moving Average Convergence Divergence (MACD) has shifted to a positive territory, and the Relative Strength Index (RSI) is around 56, suggesting some improvement, but still indicating a moderate bullish trend.
This situation calls for some caution before diving into aggressive bullish positions on the EUR/USD, especially at the 1.1325 level, or considering the recent uptrend from the year-to-date low hit in June. Resistance is notably below the 23.6% Fibonacci level. The 200-period simple moving average on the 4-hour chart aligns approximately with 1.1490, while the next significant retracement levels are around 1.1523 (38.2%) and 1.1585 (50.0%).
If the pair were to decline, a key structural support appears to be at the Fibonacci anchor near 1.1323. A decisive break below this level might reinforce a broader bearish outlook for the EUR/USD.
EUR/USD 4-hour chart
USD price today
The table below shows the percentage change of the US dollar (USD) against major currencies today. The US dollar was the strongest against the Swiss franc.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.16% | -0.05% | -0.08% | -0.10% | -0.17% | -0.03% | -0.00% | |
| EUR | 0.16% | 0.05% | 0.07% | 0.05% | -0.06% | 0.07% | 0.15% | |
| GBP | 0.05% | -0.05% | 0.02% | -0.01% | -0.11% | 0.02% | 0.09% | |
| JPY | 0.08% | -0.07% | -0.02% | -0.03% | -0.11% | 0.03% | 0.06% | |
| CAD | 0.10% | -0.05% | 0.01% | 0.03% | -0.07% | 0.00% | 0.10% | |
| AUD | 0.17% | 0.06% | 0.11% | 0.11% | 0.07% | 0.11% | 0.16% | |
| NZD | 0.03% | -0.07% | -0.02% | -0.03% | -0.01% | -0.11% | 0.07% | |
| CHF | 0.00% | -0.15% | -0.09% | -0.06% | -0.10% | -0.16% | -0.07% |
The heat map shows 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 USD from the left column and move along the horizontal line to Japanese Yen, the percentage change displayed in the box represents USD (base)/JPY (estimate).
