EUR/USD Current Price: 1.1093
- US encouraging data and disappointing EU readings failed to push the pair lower.
- US-China trade talks remain comfortably numb, markets a bit more optimistic.
- EUR/USD holding on to its bullish stance, needs to take over 1.1120.
Dismal EU data didn’t help much the EUR/USD pair, but persistent dollar’s weakness keeps it afloat just below the 1.1100 figure. Speculative interest is a bit more optimistic about progress in the US-China trade relationship, but the cautious stance prevails.
Germany published October Factory Orders, which were down in the month by 0.4%, and by 5.5% when compared to a year earlier. In the EU, Retail Sales in the same month were down by 0.6%, and when compared to a year earlier, up by 1.4%, missing the market’s expectations. The Employment change in the Union in the third quarter of the year was up by 0.9% YoY, also missing the market’s expectations of 1.0%.
The US just released the October Trade Balance, which surprised to the upside as the deficit shrank to $ 47.2B. As for employment figures, US-based companies announced job cuts decreased by 11% in November, to 44,569 from 50,275 cuts announced in October. On a year on year comparison, US employers have cut 13.1% more jobs than in November 2018. Weekly unemployment claims were also upbeat, down to 203K in the week ended November 29.
EUR/USD short-term technical outlook
The EUR/USD pair continues trading at the upper end of its weekly range, neutral-to-bullish according to intraday readings. In the 4-hour chart, the 20 SMA is crossing above a flat 200 SMA, after already breaking through an also directionless 100 SMA, all of them below the current level. Technical indicators in the mentioned chart lack directional strength, with the Momentum just above its 100 level and the RSI around 62. The pair topped this week at 1.1115, while a relevant Fibonacci resistance comes at 1.1108. Once beyond these levels, the rally should continue toward the 1.1150 price zone.
Support levels: 1.1065 1.1030 1.0985
Resistance levels: 1.1120 1.1150 1.1190
View Live chart for the EUR/USD
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold price sits at all-time highs above $2,230, US PCE eyed
Gold price hit all-time highs at $2,236 on Thursday to finish Q1 2024 with a bang. Most major world markets, including the US are closed due to Holy Friday, leaving volatility around Gold price highly subdued. US PCE inflation and Powell are awaited.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.