EUR/USD stuck at 1.1400 ahead of EU CPI, US NFP double-header Friday

As the Euro remains range-bound in the long-term, current action is hung in the middle ahead of major releases on both sides of the pond.
The US Dollar continues to go sideways as markets struggle with bouts of risk-off trading.

Joshua Gibson FXStreet

EUR/USD continues to test into the 1.1400 major technical level, continuing a bounce from the low end of a sideways channel, and the major pairing heads into a Friday session that sees market focus shifting towards another key reading of the US' Non-Farm Payrolls.

Economic data for the EU is spread out for Friday, with the German Unemployment Change for December coming in at 08:55 (forecast -11 thousand, last -16 thousand), followed closely behind by the EU's December Markit Services PMI at 09:00 GMT, forecast to hold steady at 51.4. The Euro's data docket caps off at 10:00 GMT with EU preliminary December CPI, where annualized core inflation into December is expected to hold steady at 1.0%, alongside the EU's annualized PPI for December, expected to slow down from 4.9% to 4.1%, after which markets will be turning to face the American NFP report at 13:30 GMT.

Signs of a steepening economic downturn have been crossing the screens of traders across the globe, and investors will be bracing for a potential miss for December's NFP, though median market forecasts are calling for a reading of 177 thousand (last 155 thousand), while Average Hourly Earnings for the year into December are expected to slip slightly from 3.1% to 3.0%.

EUR/USD Levels to watch

The Euro continues to trade near Thursday's closing action, and EUR/USD is likely to continue spiralling within the boundaries of a two-month consolidation period, as noted by FXStreet's own Valeria Bednarik:

The EUR/USD pair trades near its daily highs by the end of the US session, finding short-term resistance in a bearish 20 SMA in the 4 hours chart, now above the 100 and 200 SMA which remain directionless. Despite some wild spikes both side of the board, the pair remains within familiar levels and without a certain longer-term trend. In the mentioned chart, technical indicators have corrected from extreme oversold readings but lost upward strength within negative ground, limiting the upward potential. Sustained gains above the 1.1420/30 region will give bulls an encouraging hint.

Support levels: 1.1385 1.1350 1.1310
Resistance levels: 1.1425 1.1460 1.1500

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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