- EUR/USD is recovering from the key Fibo support at 1.1107 amid renewed US dollar selling.
- Risk aversion and inflation nervousness ahead of German inflation and US GDP could slow the pair’s rally.
- The daily technical configuration remains constructive for EUR/USD in the short term.
EUR/USD is back in the green early Thursday, reversing some of Wednesday’s sharp sell-off. However, further upside seems out of reach as risk aversion gains momentum and revives demand for the U.S. dollar (USD) as a safe haven asset.
Following disappointing revenue forecasts from American AI giant Nvidia and growing nervousness ahead of this week’s key economic data release, markets are trading cautiously.
Germany is expected to release its preliminary inflation data, while the US will release its second estimate of gross domestic product (GDP) later on Thursday.
From a short-term technical perspective, the EUR/USD uptrend remains intact as long as support at 1.1107 holds. This level is the 23.6% Fibonacci retracement (Fibo) level of the August rally from 1.0775 to 1.1202, the 13-year high.
The 14-day Relative Strength Index (RSI) remains stable above 50 and is currently at 63, justifying the major’s bullish potential.
Acceptance above the psychological level of 1.1150 is needed on a daily closing price basis to retest the yearly high just above 1.1200. Before that, Wednesday’s high of 1.1186 could challenge pessimistic expectations.
On the other hand, a sustained break below the aforementioned 23.6% Fibo support at 1.1107 could enable a downward move towards the 38.2% Fibo level of the same rise at 1.1045.
EUR/USD buyers will then find immediate support at the 21-day simple moving average (SMA) at 1.1026. Further declines could disrupt the 1.1000 round level.
EUR/USD: Daily chart
Euro price today
The following table 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 | EUR | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| 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% | |
| EUR | 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% | |
| AUD | 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% | |
| CHF | 0.26% | 0.11% | 0.08% | 0.18% | 0.08% | -0.06% | -0.57% |
The heatmap shows the percentage changes of the major currencies relative to each other. The base currency is selected from the left column, while the quote currency is selected from the top row. For example, if you select the euro from the left column and move along the horizontal line to the US dollar, the percentage change shown in the box corresponds to the EUR (base)/USD (quote) ratio.
