Caution: Trading involves the possibility of financial loss. Only trade with money that you are prepared to lose, you must recognise that for factors outside your control you may lose all of the money in your trading account. Many forex brokers also hold you liable for losses that exceed your trading capital. So you may stand to lose more money than is in your account. does not guarantee the profitability of trades executed on its systems. We have no knowledge on the level of money you are trading with or the level of risk you are taking with each trade. You must make your own financial decisions, we take no responsibility for money made or lost as a result of using our servers or advice on forex related products on this website.
Expand Offer

Save $228 on our Trade Together program, paid for by our partner.

Learn More

Save $228 on our Trade Together program, paid for by our partner.

Learn More

EUR/USD Price Analysis – Low Volume Expected On Presidents’ Day

  • 3 mins read ●
  • Published:
eur usd 4

The EUR/USD is trading steadily in today’s session, as US markets are closed for President’s Day. Wage Data from Europe, the Buba Balz monthly report, and Fed Minutes will be the focus this week.

Key Points

  • EUR/USD is unchanged this morning, with low trading volume due to President’s Day in the United States.
  • On the daily chart, the pair looks bearish. On the hourly chart, there’s some consolidation going on.
  • The current price levels to look out for are $1.07897 and $1.07729, which are the top and bottom of the consolidation, respectively.

EUR/USD Daily Price Analysis: 19/02/2024

Last Friday, EUR/USD rose marginally by 0.04%. The US Producer Price Index (PPI) data was released on Friday, exceeding expectations. While this initially boosted the US Dollar (USD) so that the EUR/USD was priced significantly lower, the USD gains proved short-lived. Everything got completely erased in the New York trading session of that day.

Today, there’s low volume in the market, as it is the Presidents’ Day public holiday in the United States today. The EUR/USD is currently trading at $1.07774, unchanged from Friday as we head into the New York session. 

The main focus for the upcoming week will be the Wage Data from Europe, which is expected to be released on Tuesday, and the Fed minutes from the previous month, scheduled on Wednesday.

eurusd daily chart
EUR/USD Daily Chart – 19/02/2024

Technically, the price is underneath the 50-EMA, and the RSI line is below the 50-mark, denoting heavy bearishness. As a result of these, the outlook for the pair in the short term remains bearish. 

EUR/USD Intraday Price Analysis – 19/02/2024

From the top of the weekly high to the lowest point last week, we mapped out the Fibonacci retracement tool to see how far the price has retraced from its overall bearish trend on the hourly chart. The $1.07800 price level, coinciding with the 0.236 Fibo level, has remained critical for the EUR/USD. The pair has just formed a zig-zag across the price level and seems not to be able to make so much headway from there.

Given this scenario, the two price levels to be on the lookout for are $1.07897 at the top of the consolidation and $1.07729 at the bottom. A break from the top may propel the price to take out the previous weekly swing high of $1.08058 from last week. If this happens, we might witness a change of trend on the daily chart from bearish to bullish.

Yet, if the $1.07729 level gets broken, the price might take out $1.07634, which coincides with the 0.382 Fibonacci level. From there, we may see a further drop to $1.07504 or $1.07373, and maybe even all the way down to continue the overall downtrend of the EUR/USD pair.

eurusd hourly chart
EUR/USD 1H Chart – 19/02/2024

Key Economic Data for the EUR/USD Pair – 19/02/2024

It’s Presidents’ Day in the USA today, so we won’t see any significant economic data coming from the US. There are some important updates from Europe, though, as Germany’s Buba Balz monthly report may have an impact on the pair. 

Visit our Economic Calendar

EUR/USD Key Fibonacci Price Levels 19/02/2024

Based on the 1hr chart, the key Fibonacci price levels for EUR/USD are these:


Risk Disclosure: The information provided in this article is not intended to give financial advice, recommend investments, guarantee profits, or shield you from losses. Our content is only for informational purposes and to help you understand the risks and complexity of these markets by providing objective analysis. Before trading, carefully consider your experience, financial goals, and risk tolerance. Trading involves significant potential for financial loss and isn't suitable for everyone.

Trade Like a Predator Hunt for Opportunities

Sign up now for FREE access to our exclusive trading strategy videos. Want more? Explore our Trade Together program for live streams, expert coaching and much more.

Here’s what you’ll get:

Identifying high probability scalping setups
When to scalp and when to stay out
Precise entries and exits
Position sizing and risk management
HTT Piranha Strategy Course thumbnail
By clicking the 'Learn Free Now' button you agree to our Terms of Service and Privacy Policy
HTT Connor, arms crossed

In partnership with our recommended partner SwitchMarkets partnering broker logo


1Register with Switch Markets.
2Verify your identity.
3Unlock Trade Together program for free!
Learn More

"Join our Trade Together program and interact with us in real-time as we trade the markets together."

HowToTrade Coaches