EUR/USD shuffling ahead of Tuesday's EU GDP, US CPI

The EUR/USD is cycling, looking for gains ahead of Tuesday's data dump.
Monday action remains thin, with little on the economic calendar.
Markets hoping for a flat EU GDP reading, US CPI expected to decline slightly.

Joshua Gibson FXStreet

The EUR/USD is drifting in light Monday trading ahead of Tuesday's headline data drop featuring EU Gross Domestic Product (GDPO) and US Consumer Price Index (CPI) inflation figures.

The Euro (EUR) ground to an intraday low of 1.0665 before catching a mild rebound into 1.0705 as the pair bounces around familiar levels.

Markets are thin for a relaxed Monday with little of note on the economic calendar, and investors are welcoming the breather before the economic calendar turns hectic this week.

US CPI Preview: Forecasts from seven major banks, still to the high side of the Fed’s target

EU GDP for the 3rd quarter is broadly expected to hold steady at previous readings, with the headline growth measure forecast to print at -0.1%. Decelerating economic growth is expected to be highlighted with the annualized growth figure forecast at 0.1%.

On the US inflation side, headline monthly CPI is expected to decline to 0.1% for October compared to September's 0.4%, and Core CPI (headline CPI less volatile food and energy prices) is forecast to print steady at 0.3% for the same period.

EUR/USD Technical Outlook

The Euro is seeing a near-term rejection from a descending intraday trendline from last week's early peak near 1.0755, and near-term action is seeing technical support from the 1.0670 region.

Hourly candles are seeing further support from the 200-hour Simple Moving Average (SMA) currently rising into 1.0675, and further downside set to see challenges from early November's swing low into 1.0520.

EUR/USD Hourly Chart

EUR/USD Technical Levels

EUR/USD

Overview
Today last price	1.07
Today Daily Change	0.0015
Today Daily Change %	0.14
Today daily open	1.0685

Trends
Daily SMA20	1.062
Daily SMA50	1.0623
Daily SMA100	1.0795
Daily SMA200	1.0802

Levels
Previous Daily High	1.0693
Previous Daily Low	1.0656
Previous Weekly High	1.0756
Previous Weekly Low	1.0656
Previous Monthly High	1.0695
Previous Monthly Low	1.0448
Daily Fibonacci 38.2%	1.0679
Daily Fibonacci 61.8%	1.067
Daily Pivot Point S1	1.0663
Daily Pivot Point S2	1.0642
Daily Pivot Point S3	1.0627
Daily Pivot Point R1	1.07
Daily Pivot Point R2	1.0715
Daily Pivot Point R3	1.0736

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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