EUR/USD side-lined below 1.0450 ahead of US data dump

Dhwani Mehta FXStreet

The EUR/USD pair is seen extending its consolidative mode seen into the European session, after having peaked just shy of the mid-point of 1.04 handle.

EUR/USD: 1.0400 back on sight?

Currently, EUR/USD trades +0.09% higher to 1.0435, heading for a test of daily lows struck earlier at 1.0421. The recovery in the US dollar versus its major rivals is seen gaining traction in early Europe, exerting fresh selling pressure on the EUR/USD pair as we head into a data-light European session.

Moreover, the upside attempts in EUR/USD are expected to remain restricted as the greenback is likely to remain supported on the back of year-end flows. Looking ahead, the major will take fresh cues from the US data dump up for grabs in the NA session.

The US docket remains data-heavy, with the US GDP, durable goods, personal spending and jobless claims data lined up for release in the NA session.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.0450 (psychological levels). A break beyond the last, doors will open for a test of 1.0476 (10-DMA) and from there to 1.0500 (round figure). On the flip side, the immediate support is placed at 1.0383 (previous low) below which 1.0352 (yearly/ 14-yr lows and 1.0300 (key support) could be tested.

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 1.0369

18% Bullish
55% Bearish
27% Sideways

Bias Bearish

1 Month

Avg Forecast 1.0420

36% Bullish
43% Bearish
21% Sideways

Bias Bearish

1 Quarter

Avg Forecast 1.0422

31% Bullish
44% Bearish
25% Sideways

Bias Bearish

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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