EUR/USD Current Price: 1.1722
- The US presidential race is showing tight results after a long day of turmoil.
- The US ADP survey showed that the private sector added just 365K new jobs in October.
- EUR/USD is unchanged for the day, with a modest bullish bias in the near-term.
The EUR/USD pair is little changed on a daily basis, trading around 1.1710 as the day comes to an end. It peaked at 1.1770 and plummeted to 1.1602 in the heat of the US presidential battle. A clear outcome is not yet available as the race is tight in some swing states, with counting delayed due to mailed-in ballots. At this point, Biden has a slight advantage when it comes to electors confirmed, but nothing is set and done. What’s notable is that Wall Street hit fresh weekly highs, as US President Trump seems to be doing much better than anticipated.
Markit published the final versions of October Services PMIs, which were upwardly revised in most of the EU. The German index printed at 49.5 from 47.3, while the Union index improved from 46.2 to 46.9. The US Markit Services PMI came in at 59.3, much better than the previous 55.4. The US also released the ADP survey, which showed a slower than expected pace of job creation in October. The private sector added 365K new positions, far below the 650K expected and the previous 753K. Finally, the official ISM Services PMI printed at 56.9, slightly better than anticipated.
This Thursday, Germany will release September Factory Orders, while the EU will unveil Retail Sales for the same month. The US session will bring Initial Jobless Claims for the week ended October 30, foreseen at 733K, and other employment-related figures relevant ahead of Friday’s Nonfarm Payroll report.
EUR/USD short-term technical outlook
The EUR/USD pair trades around 1.1720, maintaining a positive stance, but with a limited bullish potential as it trades within familiar levels. The 4-hour chart shows that sellers are rejecting advances around the 100 and 200 SMAs, both heading lower near the mentioned daily low. Technical indicators hold on to intraday gains within positive levels but lost directional strength.
Support levels: 1.1690 1.1650 1.1610
Resistance levels: 1.1770 1.1820 1.1875
View Live Chart for the EUR/USD
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.