EUR/USD is trading in the high range of the low range, capped by 1.2440. There are contradicting comments about the urgency in which the ECB would need to deploy more measures. In the US, the first revision of Q3 GDP is the big event of the day, and also consumer confidence is of importance.Â
Here’s a quick update on technicals, fundamentals and sentiment moving the pair.
- Asian session: The pair traded steadily under 1.2570, and fell in the European session.
- Current range:Â 1.25 to 1.2570
Further levels in both directions:
- Below: 1.2360, 1.2250, 1.2140, 1.2042.
- Above: 1.2440, 1.25, 1.2570, 1.2620 and 1.2660
- 1.25 is key resistance and a round number
- 1.2360 is the multi-year low the double bottom.
EUR/USD Fundamentals
- 7:00Â German Final GDP. Exp. +0.1%, actual +0.1%.
- 9:00 Italian retail sales. Exp. +0.2%, actual -0.1%.
- 13:30 US GDPÂ second release. Exp. 3.3%. See how to trade the US GDP with EURUSD.
- 14:00 USÂ S&P/CS Composite-20 HPI. Exp. 4.7%.
- 14:00 US HPI. Exp. +0.5%.
- 15:00 US CB Consumer Confidence. Exp. 95.9 points.
- 15:00 USÂ Richmond Manufacturing Index. Exp. 17.
* All times are GMT.
For more events and lines, see the EUR/USD.
EUR/USD Sentiment
- US GDP in focus: Most US indicators have been positive of late and despite them being for the 4th quarter, a comprehensive look back into Q3 is still relevant. A downgrade from the strong first read is expected. The key level is 3%.
- Draghi drag: The president of the ECB hit the euro hard once again. While most of his comments reiterated previous wordings, there was a sense of urgency. This sent the pair to form a double bottom at 1.2360.
- Confident Germans: The IFO figure bounced from the lows, showing more confidence among businesses, along the lines seen with the bounce in the ZEW number. This contradicts PMIs and offers some hope, especially for those trading the euro as a proxy for Germany.
- Confident Americans: US retail sales grew more than expected in October and consumer confidence for November increased ahead of Thanksgiving. This good news joins the “quits†component in the JOLTs report, which showed that the number of Americans quitting their jobs is at the highest level since 2008. This is another sign of confidence. A different consumer survey is eyed now: the Conference Board’s one.
