Thursday is the turn of Europe to flood the calendar with data, with mixed numbers across the different economies: inflation in Spain shrunk down to -0.5%, lending to euro zone households and companies contracted further in October, but German unemployment improved, while EZ economic sentiment ticked higher, up to 100.8 from 100.7. The EUR/USD pair lost over 50 pips however, on the back of Draghi’s words before the Finnish parliament, anticipating the ECB is in wait and see mode, meaning there are almost no chances the Central Bank will announce some form of QE next week.
With German inflation still to be released, the EUR/USD pair retreated from a daily high of 1.2523, and the 4 hours chart shows price near its 20 SMA that heads higher a couple pips below current price, while indicators turned lower, still holding above their midlines. Yesterday’s low at 1.2443 stands as the immediate support, with a break below putting the pair under short term pressure, eyeing a test of the 1.2390/1.2400 price zone.
The 1.2520 area continues to be the key resistance, as it will take some steady recovery above it to see the pair rallying up to 1.2560 price zone.
View Live Chart for EUR/USD
With German inflation still to be released, the EUR/USD pair retreated from a daily high of 1.2523, and the 4 hours chart shows price near its 20 SMA that heads higher a couple pips below current price, while indicators turned lower, still holding above their midlines. Yesterday’s low at 1.2443 stands as the immediate support, with a break below putting the pair under short term pressure, eyeing a test of the 1.2390/1.2400 price zone.
The 1.2520 area continues to be the key resistance, as it will take some steady recovery above it to see the pair rallying up to 1.2560 price zone.
View Live Chart for EUR/USD
Recommended Content
Editors’ Picks
EUR/USD holds above 1.0650 after US data
EUR/USD retreats from session highs but manages to hold above 1.0650 in the early American session. Upbeat macroeconomic data releases from the US helps the US Dollar find a foothold and limits the pair's upside.
GBP/USD retreats toward 1.2450 on modest USD rebound
GBP/USD edges lower in the second half of the day and trades at around 1.2450. Better-than-expected Jobless Claims and Philadelphia Fed Manufacturing Index data from the US provides a support to the USD and forces the pair to stay on the back foot.
Gold clings to strong daily gains above $2,380
Gold trades in positive territory above $2,380 on Thursday. Although the benchmark 10-year US Treasury bond yield holds steady following upbeat US data, XAU/USD continues to stretch higher on growing fears over a deepening conflict in the Middle East.
Ripple faces significant correction as former SEC litigator says lawsuit could make it to Supreme Court
Ripple (XRP) price hovers below the key $0.50 level on Thursday after failing at another attempt to break and close above the resistance for the fourth day in a row.
Have we seen the extent of the Fed rate repricing?
Markets have been mostly consolidating recent moves into Thursday. We’ve seen some profit taking on Dollar longs and renewed demand for US equities into the dip. Whether or not this holds up is a completely different story.