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Updated euro-zone GDP, the US consumer, and trade are eyed
"When two are fighting, the third wins" – goes the saying. The euro has benefited from the intensifying US-Sino trade spat. China has devalued its yuan and triggered a rush to safety that weighed on the USD. Will this continue? Back in the euro-zone, updated GDP data, a German business survey, and Italy's political issues will compete for attention with the US consumer.
EUR/USD has been consolidating around 1.1100 and looking for a new direction as it waits, data, the European Central Bank's meeting minutes, and the all-important speech by Fed Chair Jerome Powell. Where will the currency go to? It may find it easier to fall rather rise.
The Technical Confluences Indicator is showing that EUR/USD has support at 1.1065 which is the convergence of the previous monthly low and the Pivot Point one-day Support 2.
Below this line, noteworthy support awaits only at 1.1973, where we see the Pivot Point one-week Support 2 and the PP one-month S1.
Looking up, there is limited room to rise. Initial resistance is at 1.1094, where a dense cluster of lines awaits EUR/USD. These include the Bollinger Band 15min-Middle, the Simple Moving Average 50-15m, the Fibonacci 38.2% one-day, the SMA 200-15m, the SMA 200-15m, the SMA 100-1h, the SMA 5-4h, the BB 15min-Upper, and the BB 1h-Middle.
