EUR/USD Current price: 1.1674
- US President Donald Trump reported progress on Ukraine-Russia peace agreement.
- Market players await FOMC meeting minutes and the Jackson Hole Symposium.
- EUR/USD consolidates below 1.1700, downward potential limited.
The EUR/USD pair trades with a positive tone on Tuesday, although still down for the week. The pair trades below the 1.1700 mark, still up from an intraday low of 1.1638, early in the American session.
Late on Monday, United States (US) President Donald Trump met his Ukrainian counterpart Volodymyr Zelenskyy and European leaders, including European Commission President Ursula von der Leyen, to discuss a peace agreement between Ukraine and Russia. Trump reported “progress” although without providing much detail, but assured the US will ally with European and non-European countries to provide guarantees for Ukraine. A meeting between Zelenskyy and Russian President Vladimir Putin is next on the cards.
In the meantime, the White House keeps piling pressure on Moscow. US Treasury Secretary Scott Bessent said they are planning to up tariffs on India over Russian oil buying.
On the data front, the Eurozone released the June Current Account, which posted a seasonally adjusted surplus of €35.8 billion, better than the €30.3 billion expected. The US published July Building Permits, which were down by 2.8% in the month, and Housing Starts, which rose 5.2% in the same period.
Meanwhile, investors await first-tier events. The Federal Open Market Committee (FOMC) will release the Minutes of the latest Federal Reserve’s (Fed) meeting on Wednesday, while the Jackson Hole Symposium will take place at the end of the week, with multiple central banks’ leaders hitting the wires.
EUR/USD short-term technical outlook
The daily chart for the EUR/USD pair shows that it keeps trading in a well-limited range, finding intraday buyers at around a directionless 20 Simple Moving Average (SMA) currently at around 1.1628. At the same time, the 100 and 200 SMAs grind north below it with uneven upward strength, still suggesting there’s no room for a steeper decline. The same chart shows the Momentum indicator heads firmly north above its 100 line, while the Relative Strength Index (RSI) indicator consolidates at around 54. The weekly peak at 1.1716 is the level to overcome to confirm a firmer leg higher.
The 4-hour chart shows that the pair is currently trading above all its moving averages, which anyway maintain downward slopes. At the same time, technical indicators remain lifeless just above their midlines, offering a neutral stance. The EUR/USD pair could shed additional ground once below 1.1660, yet a steeper directional move seems unlikely in the near term.
Support levels: 1.1660 1.1630 1.1585
Resistance levels: 1.1700 1.1740 1.1785
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