EUR/USD flattening around 1.0750 ahead of hectic central bank schedule this week

EUR/USD sticking close to 1.0750 ahead of the midweek's stiff central bank showings.
US CPI inflation on the cards ahead of the Fed and the ECB.
Rates expected to broadly hold, investors to be focused on hawkish versus dovish tone to statements.

Joshua Gibson FXStreet

The EUR/USD is seeing drift around the 1.0750 price level as markets gear up for a hectic trading week. Monday sees a thin schedule, but the week’s action will kick into high gear with Tuesday’s US Consumer Price Index (CPI), followed by Wednesday’s US Producer Price Index (PPI) and US Federal Reserve (Fed) rate call, as well as the European Central Bank (ECB)’s latest interest rate decision due on Thursday.

Tuesday’s US CPI inflation is expected to tick up in November from 0.0% to 0.1% will give markets something to chew on with the YoY figure expected to tick down from 3.2% to 3.1%.

Wednesday’s US PPI for November is expected to improve from -0.5% to a slim 0.1%, but the market focus will be squarely on the US Fed, which delivers its latest Interest Rate Decision at 19:00 GMT.

The Fed will also be releasing its latest Interest Rate Projections, and investors will be diving into the Fed’s Dot Plot to try and adjust their positioning as markets see the Fed finally pulling back on monetary policy and interest rates sometime early next year.

Thursday will round out the hefty data calendar with the ECB’s Monetary Policy Statement. The ECB is broadly expected to keep their Deposit Facility Rate at 4%, and markets will be trying to sniff out how hawkish or dovish the ECB is leaning in their latest Press Conference.

EUR/USD Technical Outlook

The EUR/USD is flattening on Monday, with the pair cycling the 1.0750 level. The EUR/USD has been trading sideways since slipping back below the 1.0800 handle last week in a short-lived risk bid.

Near-time action has been sticking close to the 50-hour Simple Moving Average (SMA), with any bullish recoveries capped by a descending 200-hour SMA near 1.0840.

Daily candlesticks aren’t set to fare much better, with bids cycling near the 200-day SMA above 1.0800, and daily candles are currently constrained between the 50-day SMA justa bove 1.0700 and the 200-day SMA.

EUR/USD Hourly Chart

EUR/USD Daily Chart

EUR/USD Technical Levels

EUR/USD

Overview
Today last price	1.0764
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	1.0764

Trends
Daily SMA20	1.087
Daily SMA50	1.0704
Daily SMA100	1.0764
Daily SMA200	1.0823

Levels
Previous Daily High	1.0801
Previous Daily Low	1.0724
Previous Weekly High	1.0895
Previous Weekly Low	1.0724
Previous Monthly High	1.1017
Previous Monthly Low	1.0517
Daily Fibonacci 38.2%	1.0753
Daily Fibonacci 61.8%	1.0771
Daily Pivot Point S1	1.0725
Daily Pivot Point S2	1.0686
Daily Pivot Point S3	1.0648
Daily Pivot Point R1	1.0802
Daily Pivot Point R2	1.084
Daily Pivot Point R3	1.0879

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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