TRENDING:

XAU/USD

Silver

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?

Dhwani Mehta FXStreet

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

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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