EUR/USD: The Euro continues to hesitate, before end of a very busy week


© Reuters. EUR/USD remains hesitant, before one end of a very busy week

Investing.com – The EUR/USD currency pair shows the same behavior as yesterday, with a first part of the day bullish, with a peak day at 1.1360, followed by a correction, with a new low of 1.1310 for the moment, the lowest since last Friday.

Several factors come in effect to weigh on the EUR/USD pair, with in particular a rise in the Dollar, supported by the bearish pressure on the pair GBP/USD due to concerns about the Brexit, as well as because of the sharp rise in USD/CAD following the decision of the BoC to maintain its key rate to 1.75%.

Note that this rise in the Dollar is also visible on the USD/JPY pair, which manages to confirm a return above the psychological threshold key 113 on Wednesday.

Regarding the pair EUR/USD, the fall caused by the rise of the Dollar has given rise to a new trough, but failed to lead to a break significant. EUR/USD remains above the support of 1.1315-20, a support which blocks the attempts of decline since the beginning of the week.

From a graphical point of view, it should be noted that the attempt of the rise of EUR/USD this morning has been blocked by the moving average 100 hours currently to 1.1358. We can therefore consider the area of 1.1350-60 as the first critical resistance near current levels.

To summarize, the trend is éclaircirait for the decline in the case of a break below 1.1315-20, before in this case of potential objectives to be 1.13 and 1.1265, the lows of last week.

Has the upside, a break above 1.1350-60 would give a profile more bullish in the short-term the pair EUR/USD, with potential targets buyers to the resistance of 1.14, 1.1420-25, 1.1450 and 1.15.

Finally, it should be noted that the day of tomorrow will be particularly busy for the pair EUR/USD in relation to the economic calendar, since most of the statistics scheduled for this Wednesday has been postponed to tomorrow, due to a public holiday in honor of the 41st president of the United States George H. W. Bush who passed away on 30 November.

Traders will be waiting, so tomorrow in the United States :

  • The ADP Report on employment at 14.15
  • The trade Balance at 14: 30
  • Entries weekly jobless claims at 14: 30
  • The quarterly Report on productivity at 14: 30
  • The PMI Index for services at 15: 45
  • The ISM Index of services 16h
  • The Orders to the industry to 16h

The day Friday will then be also crucial for the pair EUR/USD, with the publication of the report NFP on job creation, US in the month of November.

The last two days of the week could prove to be very animated for the Euro-Dollar.

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