EUR/USD bounces up at 1.1825 to retest session highs at 1.1860


  • EUR/USD testing day highs at 1.1860 after bouncing at 1.1825 lows.
  • The euro remains strong despite the sluggish EU business activity data.
  • EUR/USD unlikely to test 1.1900 – UOB.
  •  

The euro’s bearish correction seen earlier during the early North American session has been contained at 1.1825 and the pair bounced up again to test intraday highs at 1.1860.

Euro resumes its uptrend as risk aversion eases

The common currency has shrugged off the sluggish eurozone data and the increase of COVID-19 infections in the continent and remains positive against the US dollar. The greenback has been on the back foot most of the week amid the uncertainty about the outcome of the US Presidential elections and the lack of progress on the coronavirus stimulus negotiations.

The macroeconomic calendar, however, has not been supportive of the euro as the preliminary Eurozone business activity has shown mixed figures. Despite the larger than expected increase in the manufacturing index, services sector activity has contracted further, with Germany and France showing weaker than expected prints, which suggests that the second COVID-19 wave might be affecting the incipient economic recovery.

EUR/USD unlikely to test 1.1900 – UOB

Despite the near term positive trend, the FX analysis team at UOB sees few chances that the EUR/USD might test the 1.1900 level: “We highlighted yesterday that ‘further EUR strength is unlikely’ and expected EUR to ‘consolidate within a 1.1820/1.1885 range’. While EUR did not strengthen further, it traded within a narrower range than expected (1.1810/1.1866). The current price action is still viewed as part of a consolidation phase. That said, the weakened underlying tone suggests EUR could drift lower within a lower trading range of 1.1790/1.1850.”

Technical levels to watch

EUR/USD

Overview
Today last price 1.186
Today Daily Change 0.0042
Today Daily Change % 0.36
Today daily open 1.1818
 
Trends
Daily SMA20 1.1755
Daily SMA50 1.1798
Daily SMA100 1.1627
Daily SMA200 1.1295
 
Levels
Previous Daily High 1.1867
Previous Daily Low 1.1811
Previous Weekly High 1.1827
Previous Weekly Low 1.1688
Previous Monthly High 1.2011
Previous Monthly Low 1.1612
Daily Fibonacci 38.2% 1.1833
Daily Fibonacci 61.8% 1.1846
Daily Pivot Point S1 1.1797
Daily Pivot Point S2 1.1777
Daily Pivot Point S3 1.1742
Daily Pivot Point R1 1.1853
Daily Pivot Point R2 1.1888
Daily Pivot Point R3 1.1909

 

 

 

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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD losses 1.1900 amid dollar’s comeback

EUR/USD has extended its gains, nearing 1.1950, but quickly turned negative now trading around 1.1880. The greenback recovers as equities fall as the market’s sentiment turns sour.

EUR/USD News

GBP/USD retreats from daily highs, holds around 1.3350

GBP/USD retreats from near 1.3400, partially undermined by Brexit woes but mostly on renewed dollar’s demand. Doubts arise about Chief EU Negotiator Barnier traveling to London.

GBP/USD News

XAU/USD trades with modest gains above $1810 level, lacks follow-through

A softer tone surrounding the USD assisted gold to gain some traction on Thursday. COVID-19 vaccine optimism might cap the upside for the safe-haven precious metal. Holiday-thinned liquidity warrants some caution before placing fresh directional bets.

Gold news

US Thanksgiving Wrap: Consumers carry October, November starts to look dicey

A triple dose of US data on Wednesday before the Thanksgiving holiday confirmed the strength of the consumer recovery even as employment problems again loom from the rising numbers of Covid-19 closures across the country.

Read more

Black Friday 2020 Discounts!

Learn to trade with the best! Don't miss the most experienced traders and speakers in FXStreet Premium webinars. Also if you are a Premium member you can get real-time FXS Signals and receive daily market analysis with the best forex insights!

More info

Forex MAJORS

Cryptocurrencies

Signatures