EUR/USD Forecast: mild bullish, 1.1460 key

Valeria Bednarik FXStreet

EUR/USD Current price: 1.1410

US data disappointed big, keeping the pair afloat despite Italian headlines.
US Federal Reserve said that could pause the hike rates' cycle in the spring of 2019.

The EUR/USD pair seesaws around the 1.1400 level, unable to find a clear direction. A better performance in shares' markets put a halt to dollar's previous rally, although the common currency remained subdued, hurt by headlines indicating that the EU´s Commission rejected Italian's budget proposal. The pair also found some support on a report indicating that the US Federal Reserve could pause it rates hike cycle in the spring of 2019. There was no official word on the matter, yet the pair bounced to daily highs near 1.1420 with the news.

The US has just released a bunch of data, with most figures disappointing. Unemployment claims for the week ended November 16 rose to 224K vs. the previous 221K, this last revised higher from 216K. Also, US Durable Goods Orders plunged 4.4% much worse than the 2.5% decline expected. The core reading which excludes transportation rose by a modest 0.1% vs. the expected 0.4%.

The EUR/USD pair peaked at 1.1424 after poor US data but retreated from the resistance area, holding anyway above 1.1400. The 4 hours chart offers a neutral-to-bullish stance with the pair still developing between directionless 100 and 200 SMA, now struggling around a bullish 20 SMA, while technical indicators turned higher, still within neutral levels. The immediate support is 1.1390, where the pair has the 61.8% retracement of its latest downward move, while a strong resistance comes at 1.1460, the level to surpass to offer a more interesting upside potential.

Support levels: 1.1390 1.1355 1.1320

Resistance levels: 1.1425 1.1460 1.1500

View Live chart for the EUR/USD

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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