EUR/USD eases from weekly tops, still well bid around mid-1.1400s ahead of German CPI

Haresh Menghani FXStreet

• Persistent USD selling bias helped build on the overnight goodish up-move.
• Thin liquidity conditions holding traders from placing any aggressive bets.
• Traders now eye prelim German CPI/second-tier US data for fresh impetus.

The EUR/USD pair trimmed a part of its early gains to fresh weekly tops but has managed to hold with modest daily gains, around the 1.1450 region.

The pair built on previous session's strong up-move of around 100-pips and continued gaining positive traction for the second consecutive session amid the prevalent US Dollar selling bias.

The partial US government shutdown coupled with fears of a possible economic slowdown in the US kept exerting downward pressure on the greenback and pushed the pair to a fresh weekly high level of 1.1467.

The uptick, however, lacked strong conviction/follow-through as traders now seemed to keep positions rather light amid thin liquidity conditions ahead of the year-end holidays.

Moving ahead, today's release of the prelim German consumer inflation figures, followed by second-tier US economic data - Chicago PMI and pending home sales data, will now be looked upon for some fresh impetus.

Technical levels to watch

EUR/USD

Overview:
    Today Last Price: 1.145
    Today Daily change: 10 pips
    Today Daily change %: 0.0874%
    Today Daily Open: 1.144
Trends:
    Previous Daily SMA20: 1.1369
    Previous Daily SMA50: 1.1374
    Previous Daily SMA100: 1.1478
    Previous Daily SMA200: 1.1675
Levels:
    Previous Daily High: 1.1454
    Previous Daily Low: 1.1348
    Previous Weekly High: 1.1486
    Previous Weekly Low: 1.1302
    Previous Monthly High: 1.15
    Previous Monthly Low: 1.1216
    Previous Daily Fibonacci 38.2%: 1.1414
    Previous Daily Fibonacci 61.8%: 1.1389
    Previous Daily Pivot Point S1: 1.1374
    Previous Daily Pivot Point S2: 1.1308
    Previous Daily Pivot Point S3: 1.1268
    Previous Daily Pivot Point R1: 1.148
    Previous Daily Pivot Point R2: 1.152
    Previous Daily Pivot Point R3: 1.1586

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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