EURUSD sideways around 1.0350, posts marginal weekly gains

US Dollar spikes and retreats during the American session, moving without clear direction.
EURUSD up for the week, far from the top.
The 200-day SMA at 1.0415 holds the key to more gains.

Matías Salord FXStreet

The EURUSD fell during the American session to 1.0325 and then rose quickly back to the 1.0350 area, on a calm session across FX markets. The greenback spiked higher amid a deterioration in market sentiment that did not last much.

A quiet Friday

The US Dollar gained momentum during the American session as US stocks trimmed losses and crude oil price tumbled. FX volatility remained limited with prices not far from the previous daily close.

Economic data released on Friday showed Home Sales in the US dropped for the ninth consecutive month in October. The annual rate fell from 4.71M to 4.43M, above the 4.38M of market consensus. The numbers did not impact markets. The DXY is posting modest weekly gains after more signs of a slowdown in inflation and better-than-expected retail sales numbers.

Next week key events include the FOMC minutes on Tuesday. US markets will not open on Thursday due to Thanksgiving Day. November Flash PMIs are due on Wednesday. The European Central Bank will release the minutes of the latest meeting on Thursday.

A not so positive week for EUR

The EURUSD is about to end the week with small gains and far from the top. It peaked at 1.0480 on Tuesday, the highest level since July 1 and the pulled back sharply. Euro’s rally was capped by the 200-day Simple Moving Average (currently at 1.0415) and pulled back to as low as 1.0303.

“The EURUSD pair has lost its long-term bullish strength, but nothing is said and done yet. The weekly chart shows that EURUSD held at the upper end of the previous week’s range while posting a higher high. The 20 Simple Moving Average (SMA) remains flat at around 1.0030, barely above a critical Fibonacci level, the 61.8% retracement of the November rally at around parity. The 100 SMA crosses below the 200 SMA, both gaining bearish traction far above the current level, not a good sign for Euro bulls”, says Valeria Bednarik, Chief Analysts in the latest report.

Technical levels

EUR/USD

Overview
Today last price	1.0342
Today Daily Change	-0.0026
Today Daily Change %	-0.25
Today daily open	1.0368

Trends
Daily SMA20	1.0056
Daily SMA50	0.9925
Daily SMA100	1.0026
Daily SMA200	1.0419

Levels
Previous Daily High	1.0407
Previous Daily Low	1.0305
Previous Weekly High	1.0364
Previous Weekly Low	0.9903
Previous Monthly High	1.0094
Previous Monthly Low	0.9632
Daily Fibonacci 38.2%	1.0344
Daily Fibonacci 61.8%	1.0368
Daily Pivot Point S1	1.0314
Daily Pivot Point S2	1.0259
Daily Pivot Point S3	1.0212
Daily Pivot Point R1	1.0415
Daily Pivot Point R2	1.0462
Daily Pivot Point R3	1.0516

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

AUD/USD keeps range near mid-0.7100s as USD bulls await US CPI

AUD/USD steadies near mid-0.7100s in the Asian session on Friday, stalling the previous day's sharp decline to an over one-week low. The August PPI report reaffirmed Fed rate-hike bets and boosted the US Dollar on Thursday, which weighed heavily on the pair. However, hawkish RBA expectations limited losses for the Aussie as USD bulls now await the release of the US consumer inflation figures before placing fresh bets.

USD/JPY holds lower ground toward 154.00; looks to US CPI

USD/JPY holds lower ground toward 154.00 in the Asian session on Friday after hot Japanese PPI data bolster a more hawkish BoJ repricing and provide fresh impetus to the Japanese Yen. However, the downside appears capped as the US Dollar preserves overnight gains ahead of the latest US consumer inflation data.

Gold: Gains remain capped by $4,400

Gold regains composure and trades with decent gains on Friday, managing to refocus attention on the $4,440 mark per ounce troy. Therefore, the precious metal reverses Thursday’s decline as the US Dollar alternates gains with losses at the end of the week.

Ripple Price Forecast: XRP extends decline as returning ETF inflows fail to lift outlook

Ripple (XRP) falls below $1.33 on Friday, marking the third consecutive day of declines. The token continues to track the broader cryptocurrency market downturn, with investors closely monitoring heightened macroeconomic uncertainty ahead of the United States (US) Consumer Price Index (CPI) release and next week’s Federal Reserve (Fed) monetary policy decision.

Weekly focus – The hawks set the tone

Risky assets came under pressure this week as energy prices kept creeping higher and the ECB surprised the markets with a hawkish tone. The price of Brent crude touched USD 110 per barrel on Thursday night, highest since mid-May, as news emerged that the Yemeni Houthis had reached control of key port cities and islands near the Bab el-Mandeb strait.

Venezuela’s 65-billion-barrel Oil deal could reshape America’s inflation fight

The United States (US) has secured unprecedented access to part of Venezuela’s vast Oil reserves. The timing is particularly significant as the war with Iran is disrupting Middle Eastern supplies, keeping energy prices elevated and reviving concerns about inflation.