EUR/USD Price Analysis: Door open for extra rangebound

EUR/USD keeps the consolidative mood above the 1.08 mark.
Interim resistance emerges at the 55-day SMA at 1.0948.

Pablo Piovano FXStreet

EUR/USD is prolonging the consolidative note so far this week, always supported by the 1.0800/1.0780 band.

Further consolidation appears well on the cards for the time being, although the inability to probe or better clear the 55-day SMA at 1.0950 in the short-term horizon carries the potential to encourage sellers to return to the market on a more convincing fashion. This hurdle is also reinforced by the proximity of the 2-month resistance line.

That said, the initial magnet to the downside sits at last week’s lows in the 1.0770/65 band ahead of April’s low at 1.0727 (April 24^th).

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.0846
Today Daily Change	26
Today Daily Change %	-0.02
Today daily open	1.0848

Trends
Daily SMA20	1.0855
Daily SMA50	1.0942
Daily SMA100	1.0988
Daily SMA200	1.1026

Levels
Previous Daily High	1.0885
Previous Daily Low	1.0784
Previous Weekly High	1.0981
Previous Weekly Low	1.0767
Previous Monthly High	1.1039
Previous Monthly Low	1.0727
Daily Fibonacci 38.2%	1.0847
Daily Fibonacci 61.8%	1.0823
Daily Pivot Point S1	1.0793
Daily Pivot Point S2	1.0738
Daily Pivot Point S3	1.0692
Daily Pivot Point R1	1.0894
Daily Pivot Point R2	1.094
Daily Pivot Point R3	1.0994

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD weakens as US jobs data trims Fed rate cut bets

The EUR/USD pair trades in negative territory for the third consecutive day near 1.1860 during the early European session on Thursday. Traders will keep an eye on the US weekly Initial Jobless Claims data. On Friday, the attention will shift to the US Consumer Price Index inflation report.

GBP/USD bullish outlook prevails above 1.3600, UK GDP data looms

The GBP/USD pair gains ground near 1.3635, snapping the two-day losing streak during the early European session on Thursday. The preliminary reading of UK Gross Domestic Product for the fourth quarter will be closely watched later on Thursday. The UK economy is estimated to grow 0.2% QoQ in Q4, versus 0.1% in Q1.

Gold remains on the defensive below two-week top; lacks bearish conviction amid mixed cues

Gold sticks to modest intraday losses through the Asian session on Thursday, though it lacks follow-through selling and remains close to a nearly two-week high, touched the previous day. The commodity currently trades above the $5,070 level, down just over 0.20% for the day, amid mixed cues.

UK GDP set to post weak growth as markets rise bets on March rate cut

Markets will be watching closely on Thursday, when the United Kingdom’s Office for National Statistics will release the advance estimate of Q4 Gross Domestic Product. If the data land in line with consensus, the UK economy would have continued to grow at an annualised pace of 1.2%, compared with 1.3% recorded the previous year.

The market trades the path not the past

The payroll number did not just beat. It reset the tone. 130,000 vs. 65,000 expected, with a 35,000 whisper. 79 of 80 economists leaning the wrong way. Unemployment and underemployment are edging lower. For all the statistical fog around birth-death adjustments and seasonal quirks, the core message was unmistakable. The labour market is not cracking.

Sonic Labs’ vertical integration fuels recovery in S token

Sonic, previously Fantom (FTM), is extending its recovery trade at $0.048 at the time of writing, after rebounding by over 12% the previous day. The recovery thesis’ strengths lie in the optimism surrounding Sonic Labs’ Wednesday announcement to shift to a vertically integrated model, aimed at boosting S token utility.