EUR/USD Technical Analysis
EUR/USD inched closer to 1.30 on Wednesday following strong CPI data from Germany. The pair has consolidated in the mid-129 region following the close of European markets. With no key economic releases slated for Wednesday, the pair is likely to hold steady in North American trade. Below we survey the market vitals for this pair and where we expect it to go this week.
EUR/USD Performance Tracker
5-Day: +0.15%
Outlook: Slightly bullish
Pivot: 1.2954
Support levels: 1.2942, 1.2934, 1.2921
Resistance levels: 1.2967, 1.2974, 1.2987
Movement for this pair could pick up over the next two days, as the US is set to release a few key economic indicators. Traders should keep the following releases in mind:
Thursday:
- Weekly job claims
- GDP revision
- Pending home sales
Friday:
- Personal income
- Consumer spending
- Chicago PMO
- Consumer sentiment
The euro continues to hold steady, despite a mixed bag of German data (high unemployment balance strong CPI). The EUR/USD pair continues to be drawn to the 1.30 line, which most believe is fair value for the time being. On Wednesday the euro gained on the back of investor profit-seeking at the expense of the US dollar.
The euro continues to outperform its other major competitors, signalling a slightly bullish market for key euro pairs. Below is a summary:
EUR/GBP: 0.8561 (+0.1300%)
EUR/CAD: 1.34 (+0.3400%)
EUR/AUD: 1.34 (+0.4600%)
The only blip was the volatile yen market, which pushed EUR/JPY back to 1.3065 rang—a drop of 0.6100% on the day.
Disclaimer The analysis we provide is based on the average estimate of price movements in one day. Does not guarantee what we deliver is actually a proper and correct. Everything that happens in the decisions you make on your trading transaction is to be Your responsibilities.
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