EUR/USD forecast for today by Traders Union analysts

The increase in the U.S. Consumer Price Index was lower than what market participants expected, leading to a drop in U.S. Treasury bond yields and the selling of the U.S. dollar. As a result, the euro broke 1.0835 resistance and rose to the 1.0880 level at the moment. Next, bulls may test the 1.0900 level. Losing 1.0860 support would lead to a decline toward 1.0840. Buying opportunities may arise on downward corrections. However, expectations of a rate cut by the ECB may limit the pair's upward potential.

The increase in the U.S. Producer Price Index and the somewhat aggressive comments from Jerome Powell didn't stop the euro buyers from buying it against the U.S. dollar when it dipped to the 1.0769 level. They broke the 1.0800 resistance and tested the 1.0824 level. With the expected decrease in the ECB interest rate in June, justifying the euro's rise is challenging, so bearish activity during the rise remains possible. From a technical perspective, breaking 1.0800-1.0810 suggests a growth toward 1.0840-1.0860, where the euro might be sold. Today, the release of U.S. inflation data could alter the situation in the pair.

Finding 1.0770 support, the euro yesterday rose to 1.0805 resistance against the U.S. dollar before returning to 1.0790. Today, the U.S. Producer Price Index will be released, and Federal Reserve Chairman Jerome Powell will speak, both of which could affect the pair's dynamics. An increase in the Index will bring it back to 1.0740-1.0730 support. A decrease may contribute to breaking resistance and growing toward 1.0830-1.0840.

In the last day of the previous trading week, the euro traded within a fairly narrow range between 1.0790 resistance and 1.0760 support against the U.S. dollar. The release of statistical information regarding the euro area and the U.S. along with statements from Fed officials, did not offer enough encouragement for the pair to maintain a consistent movement in any specific direction. Buying activity originating from the 1.0730 support level suggests positive outlooks for the euro, yet the failure of bullish movements to overcome resistance heightens the chances of breaking this support level and declining toward the range of 1.0700-1.0680. Breaking resistance will lead to a growth toward 1.0820-1.0850.

Yesterday, the U.S. dollar was under pressure to sell in all areas of the market, which let the euro climb toward 1.0782 resistance against the U.S. dollar. Bulls may target 1.0800-1.0810 resistance levels, but the euro's rise could still be used for selling. Breaking the latter resistance level will lead to a growth toward 1.0830-1.0850.

Yesterday, both the euro and the U.S. dollar experienced downward pressure, with currency fluctuations restricted by 1.0755 resistance and 1.0740 support in a period of low volatility. Risks of breaking out and declining toward 1.0720-1.0700 still prevail. Breaking  resistance will lead to a growth toward 1.0780-1.0790.

The latest attempt by the euro bulls to break 1.0790 resistance against the U.S. dollar was unsuccessful, leading to profit-taking on long positions and a decline to 1.0750 support. Attempts may be made again to challenge resistance. The loss of support will lead to a decline toward 1.0720-1.0700.

The euro went up against the U.S. dollar to 1.0810 because of the weaker U.S. nonfarm payroll data. There, it met resistance and dropped to 1.0760 support. At the start of the new trading week, bulls attempted to push the pair back to 1.0800 but failed to absorb offers at the 1.0790 level, maintaining the risk of breaking support and declining toward 1.0740-1.0720. Breaking resistance will lead to a growth toward 1.0820-1.0850.

Yesterday, the euro bears showed up again, but its fall against the U.S. dollar prompted buying, bringing the pair back to resistance at 1.0730. So, it's still in a consolidation phase, with a consistent buying interest even when the economy of the euro area is not doing as well as the U.S. economy. This situation raises concern among those who usually sell. However, below 1.0730-1.0750, the risks of renewed decline persist. Breaking the latter level will open the door to a move toward 1.0800. Today, information about the U.S. labor market will be released, and it might affect how the pair moves.

Yesterday, the euro was bought at the 1.0650 level as it declined against the U.S. dollar, which made it go back up to 1.0730 resistance. As expected, the U.S. Federal Reserve left the interest rate unchanged, and in his comments, Chairman Jerome Powell indicated that there would be no rate hikes, which contributed to the euro returning to resistance. However, from current levels, the euro may again come under pressure and bears may test 1.0670-1.0650. Breaking resistance will lead to a growth toward 1.0760-1.0780.

The euro's attempt at a consistent uptrend against the U.S. dollar, despite robust macroeconomic indicators from the euro area, faltered. After testing 1.0730 resistance, the euro retreated to 1.0675 support.The risks of breaking it and declining toward 1.0620-1.0600 remain high. Passing 1.0690-1.0700 will lead to a growth toward 1.0720-1.0730. It's probable that the U.S. Federal Reserve will maintain the current interest rate, thus the movement of the EUR/USD could hinge on remarks made by its chairman, Jerome Powell.

The euro in tandem with the U.S. dollar is trading unchanged. Sales from the 1.0730 resistance led to its decline to 1.0690 support, but after testing it, the pair returned to resistance. However, if the level falls below 1.0730-1.0750, the likelihood of breaking the support and declining toward 1.0640-1.0600 remains predominant. Breakout of 1.0730 will increase the chances of breaking 1.0750 and a growth toward 1.0770-1.0800.

Another attempt by euro bulls to develop an upward trend against the U.S. dollar failed due to the selling pressure from the 1.0750 resistance level. Being under pressure from the bears, the euro declined to the 1.0680 support, and growth attempts are now limited to 1.0705 resistance, below which downside risks toward 1.0600 prevail. The formation of a series of lower peaks supports this scenario. Breakout of the current resistance will lead to a growth toward 1.0720-1.0740.

The released GDP data showed a slowdown in U.S. economic growth, causing the euro to initially fall against the U.S. dollar to 1.0680 support, but soon it returned to 1.0735 resistance. The outlook for the pair, however, remains negative, its growth can be used for selling, but the decline in the U.S. PCE index may contribute to the breakout of resistance and a growth of the euro toward 1.0770-1.0790. An increase in the index could provoke a decline to 1.0680 at least.

The euro was under pressure from the U.S. dollar yesterday, but despite strong data on U.S. durable goods orders, its decline is limited to 1.0680 support, and bulls are again testing 1.0705 resistance. So they still have a chance to break the current resistance and test 1.0730-1.0740. The loss of support will lead to a decline toward 1.0660-1.0640. Attempts to rise may be used for selling.

Inspired by strong German statistics, the euro bulls managed to break 1.0690 resistance and test the level of 1.0710. The ECB is likely to start easing monetary policy before the Fed, which is unlikely to justify a large-scale growth of the euro, so the current recovery can be used for selling. Nevertheless, ruling out rebounds toward 1.0730-1.0750 is not advisable.

The euro remains under pressure against the U.S. dollar, stuck in a range between 1.0660/70 resistance and 1.0625/10 support. Thus, the pair is in a consolidation phase, where the risks of decline to 1.0600 prevail at least. Breaking resistance will lead to a growth toward 1.0690-1.0700, where the euro could be sold again.

Recovered once more from support at 1.0610, the euro climbed to 1.0675 resistance against the U.S. dollar, where it continues to face selling pressure. The outlook for the pair remains pessimistic, with bears likely to break support levels 1.0610-1.0600, paving the way for a decline toward 1.0500 in the medium term. Breaking resistance will trigger a growth toward 1.0700-1.0720.

Continuing its recovery against the U.S. dollar, the euro tested 1.0690 resistance, but, in line with our forecast, its recovery was used for selling, resulting in the euro dropping to support at 1.0645 at the moment. Thus, downside risks to 1.0600 prevail. Breaking resistance will lead to a growth toward 1.0710-1.0730.

Euro bears failed to break support at 1.0605 against the U.S. dollar. Taking advantage of their weakness, bulls are attempting to break 1.0665 resistance. There is no improvement in the pair's situation at the moment, as attempts at growth can be used for sales and continued attempts to break support. Breaking resistance will lead to a growth toward 1.0710-1.0730.

Yesterday, the euro tried to develop its recovery in the pair with the U.S. dollar but was once again sold, in this case from the resistance level of 1.0650, which caused the price to fall back toward the support level of 1.0610. Comments made by Fed Chair Jerome Powell, who expressed doubt that interest rates would soon be reduced, added negative sentiment to the pair and raised the probability of a decline toward the level of 1.0520-1.0500.

Possible divergence of monetary policies of the ECB and the Fed euro remains under selling pressure. Its growth attempt was limited by resistance near 1.0660 in the pair with the US dollar. The bears are currently testing support at 1.0625, which indicates high risks of its breakthrough and decline in the direction of 1.0580-1.0560. Passage of resistance will lead to growth in the direction of 1.0690-1.0700.

The growth of inflation in the USA and the increased probability of the ECB lowering the interest rate in June had a negative impact on the dynamics of the euro in the pair with the US dollar. On Friday, the bears broke the support near the level of 1.0700 and tested the support of 1.0627. From current levels, the bulls may try to regain control of the situation, but growth attempts may be limited by the resistance at 1.0670-1.0700; breaking the support will lead to a decline towards 1.0550-1.0520.

The European Central Bank, as expected, left the interest rate at the same level while signaling a possible decrease at the June meeting, which became a reason for further selling of the euro against the US dollar, against the background of which it declined to the support near the level of 1.0700. From the current levels, the bulls may try to regain control over the situation, but the recovery in the direction of 1.0760-1.0780 may be used for selling. A breakdown of 1.0700 will lead to a decline towards 1.0660.

The European Central Bank, as expected, left the interest rate at the same level while signaling a possible decrease at the June meeting, which became a reason for further selling of the euro against the US dollar, against the background of which it declined to the support near the level of 1.0700. From the current levels, the bulls may try to regain control over the situation, but the recovery in the direction of 1.0760-1.0780 may be used for selling. A breakdown of 1.0700 will lead to a decline towards 1.0660.

In anticipation of the US inflation data, the Euro traded above 1.0850 against the US Dollar until the release of better-than-forecast data triggered a sell-off in the pair and its decline to the support at 1.0730. Amid the increased chances that the ECB will lower the interest rate before the Fed, the Euro may remain under pressure, where the next nearest target of the bears may be the support around 1.0700. Today, the ECB will announce the rate decision, which is expected to remain unchanged, so Christine Lagarde's comments may affect the pair dynamics. Nevertheless, if the Euro rebounds towards 1.0800, it could be sold again.

Yesterday, the Euro showed positive dynamics in the pair with the US dollar, but it was sold on the growth to the resistance near the level of 1.0880, which led to its decline to the support of 1.0850. Until the release of US inflation data today, the pair will continue to trade within the current range. On strong data, it is possible to break the support and decline towards 1.0800; on weak data - testing 1.0880-1.0900.

The euro bulls are in no hurry to give up and continue to buy it for the US dollar. Yesterday, the buying interest was noted near the level of 1.0825, against which the bulls tested the resistance at 1.0860. In anticipation of tomorrow's US inflation data, the pair may trade in the range between 1.0800 and 1.0880; the breakdown of support will lead to a decline towards 1.0770/60, and the breakdown of resistance - to growth to 1.0900.

The release of a strong US Non-Farm Payrolls report triggered the US Dollar growth, against which the Euro declined to support around 1.0795. However, the dollar's rise was not prolonged, and the euro soon returned to resistance at around 1.0845. The high probability that the ECB may lower the interest rate level ahead of the Fed may continue to pressure the euro, and bears may test Friday's low again; a break of the current resistance would lead to a rise towards 1.0870-1.0900.

The euro continued its growth against the US dollar yesterday and, having broken through the resistance at 1.0845, rose to 1.0875. Another Fed official spoke about the possibility of maintaining the current interest rate levels for a longer period than market participants expect, which contributed to the demand for the dollar and, hence, the euro's decline to support around 1.0835. As we predicted, the euro's recovery could continue to be used for selling, but should weaker labor market data be released today, the euro could move up towards the 1.0900 area.