EUR/USD rebounds to 1.1780 on US data

US Philly Fed index missed expectations.
Spot remains on the defensive near 1.1760.
Upside stays so far capped around 1.1860.

Pablo Piovano FXStreet

The shared currency attempted a bounce off session lows in the 1.1760 area vs. the greenback on Thursday, although EUR/USD remains entrenched within the negative ground for the time being.

EUR/USD support emerges near 1.1760 so far

The pair remains on the defensive today, shedding around a cent since yesterday’s 5-week peaks around 1.1860.], although it is looking to extend the rebound from session lows following the results from the US docket.

In fact, the greenback eased some ground after November’s Philly Fed manufacturing index disappointed investors, coming in at 22.7 vs. 25.0 initially forecasted and October’s 27.9.

In addition, initial claims rose to 249K WoW, taking the 4-week average to 237.75K from 231.25K in the previous week.

The greenback should remain in the limelight ahead in the session, as Cleveland Fed. L.Mester (2018 voter, hawkish), FOMC’s L.Brainard (permanent voter, dovish) and Atlanta Fed R.Kaplan (voter, hawkish) are all due to speak.

EUR/USD levels to watch

At the moment, the pair is losing 0.13% at 1.1776 facing the next down barrier at 1.1741 (100-day sma) seconded by 1.1693 (21-day sma) and finally 1.1675 (10-day sma). On the flip side, a breakout of 1.1860 (high Nov.15) would open the door to 1.1882 (high Oct.12) and finally 1.2033 (high Sep.20). In addition, FXStreet’s Technical Confluences Indicator (TCI) is noting an important support zone in the 1.1760 area, where sit a pivot point and a monthly Fibo retracement.

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.

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