EUR/USD struggles below 50-DMA ahead of German ZEW, Trump


  • EUR/USD stuck in range as USD sees a steady recovery.
  • US-China trade deal woes, Hong Kong unrest dent risk appetite.
  • German ZEW Survey to boost the EUR bulls ahead of Trump’s speech?

EUR/USD is seen moving back and forth in a 15-pips trading range around 1.1030 ahead of the European open, having faced rejection on several attempts to regain the 1.1050 level.

EUR/USD: Bearish while below 50-DMA at 1.1042

The spot trades modestly flat in the familiar trading range on the 1.10 handle, with the upside attempts capped by the broad-based US dollar recovery. The resurgence of the safe-haven demand amid lingering US-China trade deal concerns and the Hong Kong civil unrest aided the overnight recovery in the greenback.

Meanwhile, on the EUR-side of the equation, the inconclusive outcome of the Spanish general election combined with Eurozone economic growth worries continue to remain a dragged on the common currency.

However, the downside remains capped amid expectations of an improvement in the German ZEW Survey, which is seen rebounding from -22.8 to -13.0 in November. Further, the latest Politico report, citing the EU officials that US President Trump is expected to delay auto tariff decision for 6 more months, also lend some support to the EUR bulls.

Markets now eagerly await the German macro news and some clarity on the US-China trade front for fresh trading impetus while Trump’s speech later today at 1700 GMT could also direct the next moves in the spot.

EUR/USD Technical levels to consider

EUR/USD

Overview
Today last price 1.1033
Today Daily Change 0.0002
Today Daily Change % 0.02
Today daily open 1.1032
 
Trends
Daily SMA20 1.1102
Daily SMA50 1.1042
Daily SMA100 1.1111
Daily SMA200 1.1186
 
Levels
Previous Daily High 1.1044
Previous Daily Low 1.1016
Previous Weekly High 1.1176
Previous Weekly Low 1.1016
Previous Monthly High 1.118
Previous Monthly Low 1.0879
Daily Fibonacci 38.2% 1.1034
Daily Fibonacci 61.8% 1.1027
Daily Pivot Point S1 1.1018
Daily Pivot Point S2 1.1003
Daily Pivot Point S3 1.099
Daily Pivot Point R1 1.1046
Daily Pivot Point R2 1.1059
Daily Pivot Point R3 1.1074

 

 

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