- The EUR/USD churns sideways for Thursday, near where the day started.
- US jobless claims beat, EU consumer confidence miss, keeping the Euro contained.
- EU and US PMIs to close out the trading week.
The EUR/USD is cycling familiar territory on Thursday, looking for a break higher but thus far unable to find one.
The Euro (EUR) kicked off Thursday trading near 1.0660 before continuing Wednesday's Fed-inspired slide to the day's low near 1.0620. The EUR/USD now remains trapped between those two points, trading up and down and up again as Euro bulls try to break out of the ceiling.
September's preliminary consumer confidence reading came in below expectations at -17.8 compared to the previous -16 and steepening the descent from the forecast -16.5.
US initial jobless claims for the week into September 15th printed notably better than expected, coming in at 201K versus the previous 221K, and erasing the expected 225K increase.
Euro flat for Thursday with Friday PMI in the barrel
Next up on the economic calendar will be Friday's Purchasing Manager Index (PMI) printings for both the EUR and the USD.
the EU's preliminary composite PMI for September is forecast to tick lower from 46.7 to 46.5, while the US side sees PMIs taking a small step higher.
US services PMI is forecast to move from 50.5 to 50.6, while the manufacturing component is expected to print at an even 48, up from the previous 47.9.
EUR/USD technical outlook
Hourly candles still have the EUR/USD on the downside after failing to make a clean break of the 200-hour Simple Moving Average (SMA) near 1.0700. the 100-hour SMA currently sits at 1.0675, providing additional resistance as the pair remains stuck to the 34-hour Exponential Moving Average (EMA) near current price levels just above 1.0660.
On the daily candles, a descending trendline from July's swing high at 1.1250 remains fully intact, and the 200-day SMA sits overhead price action just south of 1.0850, acting as a ceiling for any bullish attempts at upside momentum.
EUR/USD technical levels
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.