“¢ The prevalent USD selling bias helps regain positive traction on Friday.
“¢ Mostly in-line German Gfk Consumer Climate index remains supportive.
“¢ Traders now eye US GDP/durable goods orders data for fresh impetus.
The EUR/USD pair caught some fresh bids on Friday and moved back within striking distance of the overnight swing high, or one-month tops.
After yesterday’s retracement from 100-day SMA barrier, the pair regained positive traction on the last trading day of the week and continues to benefit from the prevalent US Dollar selling bias.
The greenback struggled to preserve/build on its Asian session recovery from one-month lows and continues to be weighed down by renewed fears of an inversion in the yield curve after the not so dovish FOMC outlook.
Meanwhile, the release of mostly in line German GfK Consumer Climate index, coming in at 10.4 for December, remained supportive of the prevalent positive tone surrounding the shared currency.
It would now be interesting to see if the pair is able to build on the positive momentum and make it through 100-day SMA barrier as market focus shifts to a duo of US macroeconomic releases, due later in the day.
Today’s US economic docket highlights the release of final Q3 GDP growth figures and durable goods order data, which will be looked upon for some short-term trading impetus.
Technical levels to watch
EUR/USD
Overview:
Today Last Price: 1.1472
Today Daily change: 12 pips
Today Daily change %: 0.105%
Today Daily Open: 1.146
Trends:
Previous Daily SMA20: 1.1356
Previous Daily SMA50: 1.1388
Previous Daily SMA100: 1.1487
Previous Daily SMA200: 1.1698
Levels:
Previous Daily High: 1.1486
Previous Daily Low: 1.136
Previous Weekly High: 1.1444
Previous Weekly Low: 1.1269
Previous Monthly High: 1.15
Previous Monthly Low: 1.1216
Previous Daily Fibonacci 38.2%: 1.1438
Previous Daily Fibonacci 61.8%: 1.1409
Previous Daily Pivot Point S1: 1.1385
Previous Daily Pivot Point S2: 1.131
Previous Daily Pivot Point S3: 1.1259
Previous Daily Pivot Point R1: 1.1511
Previous Daily Pivot Point R2: 1.1562
Previous Daily Pivot Point R3: 1.1637
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