EUR/USD catches a Friday bid, looking to climb over 1.0950

The EUR/USD is seeing bids in a broad-market risk rally to close out the trading week.
Market sentiment is seeing a late break, pushing bids up the charts in a technical rally.
US PMI data came in mixed, helping to soften the US Dollar.

Joshua Gibson FXStreet

The EUR/USD is trading into the 1.0950 level as the trading week winds up and markets are set for an early volume drop-off with US money markets shuttering early for the weekend. US markets are set to close at 13:00 EST this week, and markets are taking one last step into a risk bid before the early bell.

US S&P Global Manufacturing PMI drops to 49.4 in October

US Purchasing Managers' Index (PMI) data spread on Friday, with a decline in the Manufacturing component and an uptick in the Services figures.

The US Manufacturing PMI backslid into 49.4, missing the market's forecast of 49.8 and slipping back into contraction territory in November after October's flat reading of 50.0.

The Services component expanded, printing at 50.8 versus the forecast decline from 50.6 to 50.4, helping to offset the decline in Manufacturing and keeping the Composite PMI figure on-balance at 50.7, matching October's print.

Market participants will be turning their attention towards next week's heftier data releases, with US Gross Domestic Product (GDP) and Eurozone Harmonized Index of Consumer Price (HICP) inflation figures, both due in the mid-week.

US QoQ GDP is expected to tick upwards from 4.9% to 5.0% and pan-Eurozone HICP inflation is expected to slow down from 4.2% to 3.9% for the annualized figure.

EUR/USD Technical Outlook

The Euro is grinding higher against the US Dollar heading into Friday's market close, with the EUR/USD pushing towards 1.0950, but the pair still remains below the week's peak at 1.0965.

The pair has rallied almost 5% from early October's bottom at 1.0448, and the pair has climbed three-tenths of a percent on the week. Friday's late technical rally helped to push the pair back into the green after reaching a weekly low near 1.0850.

EUR/USD Daily Chart

EUR/USD Technical Levels

EUR/USD

Overview
Today last price	1.0945
Today Daily Change	0.0039
Today Daily Change %	0.36
Today daily open	1.0906

Trends
Daily SMA20	1.0749
Daily SMA50	1.0649
Daily SMA100	1.0793
Daily SMA200	1.0809

Levels
Previous Daily High	1.0931
Previous Daily Low	1.0883
Previous Weekly High	1.0909
Previous Weekly Low	1.0665
Previous Monthly High	1.0695
Previous Monthly Low	1.0448
Daily Fibonacci 38.2%	1.0913
Daily Fibonacci 61.8%	1.0901
Daily Pivot Point S1	1.0882
Daily Pivot Point S2	1.0859
Daily Pivot Point S3	1.0834
Daily Pivot Point R1	1.093
Daily Pivot Point R2	1.0955
Daily Pivot Point R3	1.0978

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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