The EUR/USD is looking a bit more constructive this Tuesday, trading near a daily high set at 1.0918 in the European morning. The common currency is finding some support in weakening stocks, as risk aversion triggered by China at the beginning of the week has extended during the past Asian session. The EU will release its unemployment rate data alongside with the PPI figures for December during the upcoming hours, while the US calendar has not much to offer for today.
With the release of the US Nonfarm Payroll report next Friday, it seems unlikely that the pair will abandon its current rate ahead of the release, mostly considering a break higher seems less easy, considering the many different technical readings capping advances.
View the Live chart of the EUR/USD
Starting with a daily descendant trend line, today around 1.0950, and the 100 DMA around 1.0930, the pair has faltered repeated times in its attempts to run beyond the 1.0930/60 region, with further selling interest aligned around 1.1000.
The pair can gain some intraday momentum on a break above 1.0930, but it seems difficult it can hold to its daily gains. Below 1.0880 on the other hand, the risk will turn towards the downside, with the immediate supports then at 1.0845 and 1.0800.
Latest updates on the EUR/USD Forecast
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