EUR/USD extends declines on Wednesday, heading for 1.0700


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  • The EUR/USD is down a further 0.3% after Eurozone Retail Sales missed expectations.
  • The Euro has steadily declined through the American market session as the US Dollar bids higher.
  • Thursday sees European GDP before Friday’s US NFP print.

The EUR/USD saw further downside on Wednesday, down a third of a percent on the day and extending the Euro’s backslide from last week’s peak of 1.1017 to two-and-a-third percent, closing in the red for six consecutive trading days.

The Euro is the second-worst performing currency on the market Wednesday, shedding value against almost all other major currencies, driven by a worse-than-expected Eurozone Retail Sales print, though the bare miss is only pulling the plug on a drain that was already swirling.

European Retail Sales missed the mark early Wednesday, printing at -1.2% for the year into October, rebounding from September’s -2.9% downturn but still in contraction territory and missing the market forecast of -1.1%.

The US ADP Employment Change also missed market forecasts early in the American market session, showing the US employment estimator for November added a net 103K jobs for the month, missing the median market forecast of 130K and falling back slightly from the previous month’s 106K, which was also revised down from 113K.

EU GDP, US NFP to round out the late week

With economic headline figures missing the mark on both sides of the Atlantic, investor sentiment is facing a souring in the back half of the trading week, and the EUR/USD will need to drag itself through another print of Eurozone Gross Domestic Product (GDP) on Thursday, ahead of Friday’s US Nonfarm Payrolls (NFP) to close out the week’s trading.

Thursday’s Eurozone quarterly GDP is forecast to hold at -0.1%, matching the second quarter’s print, while Friday’s US NFP is expected to add 185K new jobs in November, an uptick from October’s 150K.

Euro price today

The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the weakest against the New Zealand Dollar.

  USD EUR GBP CAD AUD JPY NZD CHF
USD   0.26% 0.29% 0.02% 0.08% 0.14% -0.04% 0.00%
EUR -0.26%   0.04% -0.25% -0.19% -0.14% -0.31% -0.27%
GBP -0.31% -0.05%   -0.29% -0.23% -0.17% -0.36% -0.31%
CAD -0.02% 0.25% 0.27%   0.06% 0.12% -0.06% -0.02%
AUD -0.08% 0.19% 0.24% -0.06%   0.05% -0.10% -0.07%
JPY -0.13% 0.14% 0.16% -0.12% -0.07%   -0.18% -0.14%
NZD 0.04% 0.31% 0.37% 0.05% 0.12% 0.18%   0.04%
CHF 0.00% 0.26% 0.30% 0.02% 0.08% 0.13% -0.04%  

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).

EUR/USD Technical Outlook

The EUR/USD is extending a backslide through the 200-day Simple Moving Average (SMA), cleanly breaking through the 1.0800 level and heading straight for the 50-day SMA at the 1.0700 handle.

The Euro is declining to a fresh two-week low with intraday action getting capped by a declining 50-hour SMA, and recent action has seen a hard ceiling from the 1.0800 handle.

Near-term momentum has the 200-hour SMA rolling over bearishly into 1.0900, and the immediate technical ceiling for any bullish recoveries will be a support-turned-resistance band near 1.0850.

EUR/USD Hourly Chart

EUR/USD Daily Chart

EUR/USD Technical Levels

EUR/USD

Overview
Today last price 1.0762
Today Daily Change -0.0033
Today Daily Change % -0.31
Today daily open 1.0795
 
Trends
Daily SMA20 1.0857
Daily SMA50 1.0691
Daily SMA100 1.0775
Daily SMA200 1.0821
 
Levels
Previous Daily High 1.0848
Previous Daily Low 1.0778
Previous Weekly High 1.1017
Previous Weekly Low 1.0829
Previous Monthly High 1.1017
Previous Monthly Low 1.0517
Daily Fibonacci 38.2% 1.0805
Daily Fibonacci 61.8% 1.0821
Daily Pivot Point S1 1.0766
Daily Pivot Point S2 1.0738
Daily Pivot Point S3 1.0697
Daily Pivot Point R1 1.0836
Daily Pivot Point R2 1.0876
Daily Pivot Point R3 1.0905

 

 

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