- The dollar gains momentum in the market before the stock market falls.
- EUR / USD remains in recent range, now with a bearish bias.
The EUR / USD is trading in the zone of the day’s lows around 1.2110, cutting Thursday’s gains and still within the range of recent days, continuing with the sideways bias, now under downward pressure in the pre-American session. .
The pullback is driven by a long market rally in the dollar. The dollar index is testing levels above 91.00. Risk aversion is one of the factors behind the demand for the greenback.
In Europe, the main markets are falling more than 1% and the main Wall Street indices point to a negative opening with similar declines. The lack of agreement on Brexit is among the negative details.
Wholesale inflation and consumer confidence data will be released in the US. On Thursday, jobless claim numbers surprised with an abrupt jump to highs in months.
From a technical point of view, EUR / USD is still sideways, having encountered earlier resistance once again at the 1.2160 area. Next support is the 1.2100 area and then 1.2080 appears. A confirmation below 1.2070 would point to a bearish extension.
Technical levels
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
