• The euro consolidates around 1.1640 after rejection at 1.1665.
  • The pair loses steam as risk appetite wanes.
  • EUR/USD: Failure at 1.1750 might send the pair down to 1.1495 – SocGen.

The euro has put an end to a three-day recovery and remains moving back and forth between 1.1630 and 1.1650, after pulling back from session highs at 1.1665 reached during Thursday’s Asian session. 

A risk-off mood weighs on the euro

 The pair is looking for direction, with the US dollar firming up and most stock markets trading in the red as the risk rally witnessed earlier this week has cooled. With supply chain disruptions back to the table, investors are looking for safety in the US dollar and the Japanese yen to the detriment of riskier currencies like the euro.

Corporate earnings, one of the main triggers of risk appetite over the last two days, have disappointed on Thursday, with the technological giant IBM posting weaker than expected quarterly results.

The macroeconomic calendar has been sending mixed signals on Thursday. US weekly jobless claims have dropped to their lowest levels in 19 months, with 296,000 new applicants last week, and existing home sales increased 7.0% to 6.29 Million in September, the best reading since January. On the other hand, The Philadelphia Fed Manufacturing survey dropped to 23.8 from 30.7 in the previous month in yet another evidence that supply bottlenecks are dragging down industrial activity.

EUR/USD: Failure at 1.1750 might send the pair down to 1.1495 – SocGen

According to the FX Analysis team at Société Générale, the pair should rise above 1.1750 to confirm recovery: “EUR/USD has staged a bounce from 1.1525 and could head towards a multi-month descending channel at 1.1750 (…) Failure to cross this can result in further pullback towards March 2020 peak of 1.1495/1.1450.”

Technical levels to watch

EUR/USD

Overview
Today last price 1.1642
Today Daily Change -0.0009
Today Daily Change % -0.08
Today daily open 1.1651
 
Trends
Daily SMA20 1.1614
Daily SMA50 1.1713
Daily SMA100 1.1806
Daily SMA200 1.1923
 
Levels
Previous Daily High 1.1659
Previous Daily Low 1.1617
Previous Weekly High 1.1624
Previous Weekly Low 1.1524
Previous Monthly High 1.1909
Previous Monthly Low 1.1563
Daily Fibonacci 38.2% 1.1643
Daily Fibonacci 61.8% 1.1633
Daily Pivot Point S1 1.1626
Daily Pivot Point S2 1.1601
Daily Pivot Point S3 1.1584
Daily Pivot Point R1 1.1668
Daily Pivot Point R2 1.1684
Daily Pivot Point R3 1.1709

 

 

 

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