EUR/USD struggles below 50-DMA ahead of German ZEW, Trump
|- EUR/USD stuck in range as USD sees a steady recovery.
- US-China trade deal woes, Hong Kong unrest dent risk appetite.
- German ZEW Survey to boost the EUR bulls ahead of Trump’s speech?
EUR/USD is seen moving back and forth in a 15-pips trading range around 1.1030 ahead of the European open, having faced rejection on several attempts to regain the 1.1050 level.
EUR/USD: Bearish while below 50-DMA at 1.1042
The spot trades modestly flat in the familiar trading range on the 1.10 handle, with the upside attempts capped by the broad-based US dollar recovery. The resurgence of the safe-haven demand amid lingering US-China trade deal concerns and the Hong Kong civil unrest aided the overnight recovery in the greenback.
Meanwhile, on the EUR-side of the equation, the inconclusive outcome of the Spanish general election combined with Eurozone economic growth worries continue to remain a dragged on the common currency.
However, the downside remains capped amid expectations of an improvement in the German ZEW Survey, which is seen rebounding from -22.8 to -13.0 in November. Further, the latest Politico report, citing the EU officials that US President Trump is expected to delay auto tariff decision for 6 more months, also lend some support to the EUR bulls.
Markets now eagerly await the German macro news and some clarity on the US-China trade front for fresh trading impetus while Trump’s speech later today at 1700 GMT could also direct the next moves in the spot.
EUR/USD Technical levels to consider
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