EUR/USD Attempts To Recover Recent Losses, Hovers Around 1.0670

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EUR/USD faced a challenge as the US Dollar surged in the previous session.

Euro experiences pressure on ECB’s uncertainty regarding the next policy move.

Fed Chair Powell stated IMF event that current policies may not be enough to curb inflation.

EUR/USD recovers recent losses recorded in the previous session, trading higher near 1.0670 during the Asian session on Friday. The EUR/USD pair experienced losses due to the hawkish remarks from US Federal Reserve Chair Jerome Powell during a panel discussion at the International Monetary Fund (IMF) event on Thursday.Fed Chair Powell’s acknowledgment that current policies may not be sufficiently restrictive to curb inflation reinforces the possibility of at least one more rate hike. As a result, US Treasury yields surged by nearly 3.0%, contributing to underpinning the US Dollar (USD). The US Dollar Index (DEX) approached the 106.00 psychological level after a subdued performance, with the yield on a 10-year US bond coupon marking a 4.65% intraday high on Thursday. In the week ending November 4, US weekly Initial Jobless Claims stood at 217K, slightly below both the market forecast of 218K and the previous week’s figure of 220K. This outcome can potentially reinforce confidence in a robust labor market in the United States (US), offering additional support for the Greenback. This support, in turn, can influence the performance of the EUR/USD pair.The Euro (EUR) faces challenges due to mixed signals regarding the European Central Bank’s (ECB) next policy move. Market pricing suggests a 30% chance of a cut in March. ECB Vice President Luis de Guindos mentioned on Thursday that it is premature to begin discussing interest rate cuts, potentially adding pressure on the Euro.China’s inflation data for October revealed a decline compared to the earlier recorded growth. The deteriorating economic conditions in China are dampening investors’ enthusiasm for riskier assets like EUR/USD pair.Investors are on the lookout for the preliminary US Michigan Consumer Sentiment Index for November and the UoM 5-year Consumer Inflation Expectation. Additionally, attention will also be on ECB President Christine Lagarde’s participation in an event in London on Friday. These events hold the potential to provide further insights for traders of the EUR/USD pair.EUR/USD: TECHNICAL LEVELS TO WATCH

OVERVIEW Today last price 1.0671 Today Daily Change 0.0007 Today Daily Change % 0.07 Today daily open 1.0664

 

TRENDS Daily SMA20 1.0611 Daily SMA50 1.0624 Daily SMA100 1.0797 Daily SMA200 1.0803

 

LEVELS Previous Daily High 1.0725 Previous Daily Low 1.066 Previous Weekly High 1.0747 Previous Weekly Low 1.0517 Previous Monthly High 1.0695 Previous Monthly Low 1.0448 Daily Fibonacci 38.2% 1.0685 Daily Fibonacci 61.8% 1.0701 Daily Pivot Point S1 1.0641 Daily Pivot Point S2 1.0618 Daily Pivot Point S3 1.0576 Daily Pivot Point R1 1.0706 Daily Pivot Point R2 1.0748 Daily Pivot Point R3 1.0771

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