EUR/USD: Bears take a breather above 1.1000 ahead of a Big week


  • EUR/USD stays cautious amid USD strength, Spanish election outcome.
  • Holiday-thinned quiet trading adds to the consolidative mood in Fiber.
  • All eyes remain on trade, US inflation and Eurozone GDP numbers.

Sellers catch their breather after the five-day losing streak, allowing a brief phase of consolidation in EUR/USD above the 1.1000, having tested the three-week lows of 1.1017 reached last Friday.

Trade news and US/ Eurozone macro data to play key roles

The spot is seen wavering up and down within a 10-pips narrow range so far this Monday, as markets await fresh updates on the US-China trade front as well as the big economic releases from both sides of Atlantic in the week ahead for the next direction. The US docket sees the releases of the US CPI data and Fed Chair Powell’s testimony while the EUR calendar headlines the Eurozone growth figures.

Meanwhile, the US dollar index sits at three-week tops of 98.40, deriving support from the US-China trade uncertainty as well as the Hong Kong political chaos induced broader market risk-aversion. Therefore, the increased safe-haven bids for the greenback keep a check on the major’s upside attempts.  

Further, the shared currency remains undermined by the Spanish general election outcome, reflecting a hung parliament; a legislative stalemate with neither the left nor right having a majority. The renewed Spanish political woes will continue to weigh, as the country is set to face a tough time forming a progressive government.

In the day ahead, the pair may keep its range trade intact amid holiday-thinned trading, with the US markets closed in observance of Veterans Day. However, the USD-dynamics will continue to have a major bearing on the spot amid fresh trade-related developments.

EUR/USD Technical levels to consider

EUR/USD

Overview
Today last price 1.1023
Today Daily Change 0.0002
Today Daily Change % 0.02
Today daily open 1.1022
 
Trends
Daily SMA20 1.1102
Daily SMA50 1.104
Daily SMA100 1.1115
Daily SMA200 1.1188
 
Levels
Previous Daily High 1.1056
Previous Daily Low 1.1016
Previous Weekly High 1.1176
Previous Weekly Low 1.1016
Previous Monthly High 1.118
Previous Monthly Low 1.0879
Daily Fibonacci 38.2% 1.1032
Daily Fibonacci 61.8% 1.1041
Daily Pivot Point S1 1.1007
Daily Pivot Point S2 1.0992
Daily Pivot Point S3 1.0967
Daily Pivot Point R1 1.1047
Daily Pivot Point R2 1.1072
Daily Pivot Point R3 1.1087

 

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