The EUR/USD pair trades near a fresh weekly high of 1.0688, as investors take some profits out of the table ahead of the US Thanksgiving holiday, locking gains after the pair shed around 800 in a month. At this point, seems market has fully priced in a December hike, which anyway won't mean the EUR can now rally. The common currency is being weighed by its own Central Bank, as Draghi not only down talks the EUR every time he can, but also pretends to extend its QE program next December.
With nothing in the European fundamental front, investors are waiting for a bunch of US data to be released ahead of Wall Street opening, including Personal consumption figures, Durable Good Orders, and housing data, among others. Better-than-expected readings should help the greenback retest the lows around 1.0600 and even extend towards fresh lows, near 1.0540/50.
View the Live chart of the EUR/USD
Technically, the pair continues hovering around a horizontal 20 SMA in its 4 hours chart, while the Momentum indicator heads slightly higher above its 100 level, but the RSI indicator turns lower around 52, this last limiting chances of a stronger advance. There is an immediate intraday resistance at 1.0710, and a break above it could lead to an advance up to 1.0760, where selling interest is expected to resume. Below 1.0610 on the other hand, the pair should extend its decline towards the mentioned 1.0540/50 region.
Latest updates on the EUR/USD Forecast
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