Share:
  • EUR/USD declined to a fresh multi-week low below 1.0800.
  • The pair could find a foothold in case risk mood improves later in the day.
  • Market participants will pay close attention to US employment data.

EUR/USD came under renewed bearish pressure in the American trading hours on Tuesday and declined below 1.0800 for the first time in three weeks. The pair went into a consolidation phase on Wednesday and was last seen moving up and down in a tight channel.

Although the initial reaction to mixed macroeconomic data releases from the US caused the US Dollar (USD) to lose some interest, the currency managed to gather strength as the market mood remained cautious.

JOLTS Job Openings declined sharply to 8.7 million in October from 9.35 million in September. On a positive note, the ISM Services PMI improved to 52.7 in November from 51.8 in October, highlighting a pickup of growth momentum in the service sector's economic activity.

Euro price this week

The table below shows the percentage change of Euro (EUR) against listed major currencies this week. Euro was the weakest against the US Dollar.

  USD EUR GBP CAD AUD JPY NZD CHF
USD   1.02% 0.92% 0.61% 1.52% 0.52% 0.94% 0.87%
EUR -1.04%   -0.09% -0.41% 0.51% -0.53% -0.06% -0.14%
GBP -0.95% 0.10%   -0.31% 0.60% -0.41% 0.02% -0.04%
CAD -0.63% 0.41% 0.30%   0.89% -0.14% 0.31% 0.26%
AUD -1.54% -0.49% -0.60% -0.92%   -1.06% -0.59% -0.64%
JPY -0.55% 0.52% 0.57% 0.13% 1.07%   0.47% 0.37%
NZD -0.95% 0.08% -0.02% -0.33% 0.58% -0.43%   -0.06%
CHF -0.91% 0.15% 0.03% -0.26% 0.63% -0.39% 0.04%  

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).

 

Later in the session, the Automatic Data Processing will release the private sector employment data for November, which is expected to show an increase of 130,000. In case this number disappoints with a print below 100,000, the USD is likely to weaken against its rivals with the initial reaction. On the other hand, a positive surprise could cap EUR/USD's upside by providing a boost to the USD ahead of Friday's jobs report.

EUR/USD Technical Analysis

EUR/USD faces immediate support at 1.0760, where the 200-period Simple Moving Average (SMA) on the four-hour chart meets the Fibonacci 50% retracement of the latest uptrend. In the meantime, the Relative Strength Index (RSI) indicator on the 4-hour chart stays near 70, suggesting that sellers could refrain from betting on an extended decline before the pair makes a technical correction.

Below 1.0760, 1.0700 (psychological level, Fibonacci 61.8% retracement) aligns as next support. On the upside, 1.0800 (static level) could be seen as interim resistance ahead of 1.0820 (200-day SMA) and 1.0900 (100-period SMA, Fibonacci 23.6% retracement).

Share: Feed news

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.

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

EUR/USD stabilizes above1.0800, looks to post weekly gains

EUR/USD stabilizes above1.0800, looks to post weekly gains

EUR/USD continues to trade in a tight channel above 1.0800 in the second half of the day on Friday, as the improving risk mood makes if difficult for the USD to gather strength. The pair remains on track to snap a five-week losing streak.

EUR/USD News

GBP/USD clings to modest daily gains above 1.2650

GBP/USD clings to modest daily gains above 1.2650

GBP/USD trades in positive territory above 1.2650 in the American session on Friday. The bullish opening in Wall Street doesn't allow the USD to gather strength and helps the pair stay on track to close higher for the fifth consecutive day.

GBP/USD News

Gold holds steady above $2,020 as US yields edge lower

Gold holds steady above $2,020 as US yields edge lower

Gold regained its traction and stabilized above $2,020 after falling below this level during the European trading hours. The benchmark 10-year US Treasury bond yield is down nearly 1% on the day below 4.3%, allowing XAU/USD to keep its footing heading into the weekend.

Gold News

Ethereum price risks decline as increasing exchange supply raises chances of profit taking

Ethereum price risks decline as increasing exchange supply raises chances of profit taking

Ethereum price crossed $3,000 several times this week but the altcoin failed to sustain above this key level, raising concerns regarding its price trend. ETH price faces the risk of decline as the supply of the altcoin on exchanges is on the rise. 

Read more

Up go stocks, down go bonds

Up go stocks, down go bonds

We knew that yesterday was going to be a good day – at least for the stock markets, given that Nvidia defied the expectations that it would - maybe – fail to deliver $20bn sales in the latest quarter. 

Read more

Majors

Cryptocurrencies

Signatures