EUR/USD firmer above 1.1400 ahead of Eurozone flash PMIs
|- Euro lifted amid Brexit hopes and end to the ECB stimulus.
- US dollar remains on the back foot amid liquidity draw and Fed rate hike concerns.
- Focus on flash PMIs from the Eurozone and the US.
The EUR/USD pair is on a steady rise above the 1.14 handle so far this Friday, as the sentiment around the Euro was lifted by the renewed Brexit optimism and broad-based US dollar weakness, as markets brace for the Markit preliminary November PMI for the EU and the US due later today.
The common currency picked up bids in early trades, despite holiday-thinned markets, as the Asian traders cheered the Brexit draft declaration agreed by the UK and the European Commission overnight. The declaration sets out their future trade relationship before the Brexit summit this Sunday.
Moreover, the recent weakness in the US dollar across its main competitors, in the wake of concerns that the Fed may slow its pace of tightening amid economic slowdown fears, continues to keep the buoyant tone intact around the spot.
Furthermore, the Euro also found support from the ECB Meeting's Minutes, which showed that the central bank remains committed to unwinding its QE programme this December, despite slowing Eurozone economic growth and inflationary pressures.
Looking ahead, the Euro area flash manufacturing and services PMI reports will offer fresh trading impetus to the major while the Italian budget-related headlines will continue to influence the Euro in the coming days.
EUR/USD Technical Levels
EUR/USD
Overview:
Last Price: 1.1415
Daily change: 9.0 pips
Daily change: 0.0789%
Daily Open: 1.1406
Trends:
Daily SMA20: 1.137
Daily SMA50: 1.1494
Daily SMA100: 1.1553
Daily SMA200: 1.1797
Levels:
Daily High: 1.1434
Daily Low: 1.1381
Weekly High: 1.142
Weekly Low: 1.1216
Monthly High: 1.1625
Monthly Low: 1.1302
Daily Fibonacci 38.2%: 1.1414
Daily Fibonacci 61.8%: 1.1402
Daily Pivot Point S1: 1.138
Daily Pivot Point S2: 1.1354
Daily Pivot Point S3: 1.1327
Daily Pivot Point R1: 1.1433
Daily Pivot Point R2: 1.1461
Daily Pivot Point R3: 1.1487
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