The Euro Struggles Against the US Dollar
- EUR/USD struggles to gain traction after closing in the red on Wednesday.
- The near-term technical outlook points to a lack of buyer interest.
- The weekly Initial Jobless Claims and September ISM Services PMI data could drive the pair’s action.
EUR/USD faced challenges after a decline on Tuesday, continuing its downward trend and closing negatively on Wednesday. The pair hit a three-week low below 1.1030 before rebounding slightly to 1.1050 in the European session on Thursday.
Euro Price This Week
The table below shows the percentage change of Euro (EUR) against major currencies this week, with the Euro being weakest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 1.15% | 2.04% | 3.08% | 0.10% | 0.74% | 1.79% | 1.16% |
Market sentiment has been risk-averse, and positive US private sector employment data has supported the US Dollar, keeping EUR/USD from gaining momentum. Additionally, cautious remarks from ECB officials have added pressure on the Euro.
The upcoming US economic calendar features the weekly Initial Jobless Claims and September ISM Services PMI data, both of which could impact the pair’s movement.
EUR/USD Technical Analysis
EUR/USD is currently near 1.1040, with the Fibonacci 38.2% retracement level as a key support. If the pair fails to hold above this level, further downside towards 1.1000 and 1.0940 could be expected. On the upside, breaking above 1.1040 could lead to resistance at 1.1100 and 1.1150.
Euro FAQs
Here are some frequently asked questions about the Euro:
- What is the Euro?
- Who controls the Eurozone monetary policy?
- What economic indicators affect the Euro?
- How does the Trade Balance impact the Euro?