EUR/USD bounces-back towards 1.2350, US data eyed
- Risk-off led European equities tumble offer a fresh lift to the EUR.
- A rebound in US durable goods data could cap the upside.
The EUR/USD pair is seen reversing a brief dip to session lows of 1.2317, as the bulls fight back control amid a renewed risk-aversion wave the gripped the European markets. The funding currency Euro tends to benefit from market unrest and panic, as markets fret over a possibility of a global trade war, in the wake of escalating US-China trade angst.
Meanwhile, a fresh round of USD selling also lends support to the renewed uptick in EUR/USD. The USD index faded the bounce to 89.35 levels to now trade at 89.20, down -0.26% on the day.
Looking ahead, “with an empty EZ economic docket, the USD price dynamics might continue to act as an exclusive driver of the pair's momentum through the European session. Later in the day, the release of US consumer durable goods orders and Fedspeaks should provide some fresh impetus on the last trading day of the week,” Haresh Menghani, Analysts at FXStreet noted.
EUR/USD levels to watch
According to Jim Langlands at FX Charts, “on the topside, nearby resistance will be seen at 1.2355/60 ahead of the session high at 1.2388. Beyond there could then return to 1.2400/10, above which could head back to 1.2440 and even to 1.2500 although not today. Support today should arrive at 1.2285, 1.2270 and at the Wednesday session low of 1.2240. Below here, look for a move to the minor Fibo level at 1.2220 and then at 1.2200, ahead of the greater degree of Fibo support at 1.2170.”
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
