EUR/USD sidelined around 1.1380 ahead of data

The pair stays rangebound around the 1.1380 region.
EMU’s final Q3 GDP coming up next in Euroland.
Focus will also be on the US Non-farm Payrolls.

Pablo Piovano FXStreet

EUR/USD alternates gains with losses at the end of the week, always looking to developments in Italy and the Brexit negotiations as main drivers of the price action.

EUR/USD focused on EMU, US data

Spot is prolonging the multi-session consolidative pattern on Friday following another failed attempt to break above the critical barrier at 1.1400 the figure on a sustainable fashion.

Developments around the Italian 2019 budget, Brexit talks and the broader risk-appetite trends continue to drive the mood around the European currency for the time being. In this regard, PM Conte’s government is expected to submit a revised version of the budget proposal at some point next week, while the crucial vote in the House of Commons is due on December 11.

Looking ahead, EMU’s final Q3 GDP figures are due later in the morning. Earlier, German Industrial Production unexpectedly contracted 0.5% MoM in October. Across the pond, US Non-farm Payrolls will be the salient event later in the NA session.

EUR/USD levels to watch

At the moment, the pair is losing 0.07% at 1.1372 facing the next support at 1.1350 (21-day SMA) seconded by 1.1264 (low Nov.28) and finally 1.1214 (2018 low Nov.12). On the flip side, a breakout of 1.1421 (high Dec.4) would target 1.1434 (high Nov.22) en route to 1.1473 (high Nov.20).

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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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