- EUR/USD looks consolidative around 1.1100.
- German Industrial Production contracted further in October.
- US Non-farm Payrolls will grab all the attention later today.
EUR/USD manages well to keep business in the upper end of the range around the 1.1100 handle so far on Friday.
EUR/USD cautious ahead of data
After clinching fresh monthly peaks near 1.1120 on Wednesday, spot appears to have stabilized in the 1.1100 neighbourhood as market participants continue to monitor the alternating developments from the US-China trade front.
Also propping up the improved mood in the pair, the greenback remains under pressure on the back of trade headlines and mixed results from US fundamentals.
In the docket, the euro seems to have bypassed another poor print from the German calendar, showing that Industrial Production contracted more than expected 1.7% on a onthly basis during October.
Moving forward, all the attention will be on November’s US Payrolls (183K exp.) and the advanced estimate of the December Consumer Sentiment tracked by the U-Mich index, all due later in the NA session.
What to look for around EUR
The pair is attempting some consolidation around 1.1100 the figure amidst the continuous bearish note in the greenback, US-China trade headlines and ahead of key US data releases. On the more macro view, the slowdown in the region remains far from abated and continues to justify the ‘looser for longer’ monetary stance from the ECB and the cautious/bearish view on the European currency in spite of the ongoing (temporary?) recovery.
EUR/USD levels to watch
At the moment, the pair is losing 0.01% at 1.1103 and faces the next hurdle at 1.1116 (monthly high Dec.4) seconded by 1.1157 (200-day SMA) and finally 1.1179 (monthly high Oct.21). On the other hand, a breakdown of 1.1066 (100-day SMA) would target 1.1041 (55-day SMA) en route to 1.0989 (monthly low Nov.14).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.