• EUR/USD trades below the 4-hour 10 & 20 EMA bearish crossover. 
  • The US dollar is finding its form into critical events this week, including the ECB.

EUR/USD is trading in a tight range ahead of the Tokyo open near to 1.1610. EUR/USD fell from 1.1645 to 1.1610 overnight and remains capped by the 4-hour 10/20 EMA bearish crossover. The downside came from the dollar steadying on Monday afternoon after bouncing off a one-month low. Traders now look ahead to key data events for the week ahead, including the European Central Bank meeting this Thursday.

The forex space is being governed by markets that are weighing the prospects of higher interest rates for different currencies. This makes this weeks calendar critical as it may set the stage for many weeks to come. So far, the rebound in the greenback has come at the expense of the euro, the Japanese yen and the Swiss franc in the main. 

ECB in focus

For today, bar the Aussie inflation readings, will be a quieter day for economics whereby we will see markets focused on US New Home Sales and a speech by the ECB's Villeroy on Tuesday.  The bigger event, however, will be the ECB that meets this week and comments from the bank could shift views on how many inflationary pressures could impact interest rates.

''Whilst it has signalled that December is the meeting to expect a comprehensive update on post-PEPP plans, the current rise in inflation demands attention,'' analysts at ANZ Bank argued. ''Our analysis estimates inflation will prove more persistent than transitory next year, though we also think that the ECB will push back against expectations of rates rises in 2022.''

EUR/USD

Overview
Today last price 1.1608
Today Daily Change -0.0037
Today Daily Change % -0.32
Today daily open 1.1645
 
Trends
Daily SMA20 1.1604
Daily SMA50 1.1707
Daily SMA100 1.1796
Daily SMA200 1.1918
 
Levels
Previous Daily High 1.1656
Previous Daily Low 1.1621
Previous Weekly High 1.167
Previous Weekly Low 1.1572
Previous Monthly High 1.1909
Previous Monthly Low 1.1563
Daily Fibonacci 38.2% 1.1643
Daily Fibonacci 61.8% 1.1634
Daily Pivot Point S1 1.1626
Daily Pivot Point S2 1.1606
Daily Pivot Point S3 1.1591
Daily Pivot Point R1 1.166
Daily Pivot Point R2 1.1675
Daily Pivot Point R3 1.1694

 

 

 

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