- EUR / USD challenges 3-day peaks at the 1.1820 / 30 band.
- The dollar continues to correct lower and supports the rise in the pair.
- The EMU third quarter GDP, the trade balance figures are next on the list.
The single currency adds to Thursday’s gains and lifts EUR / USD back to the range of recent spikes in the 1.1820 / 30 band.
EUR / USD look at the data
The pair EUR/USD it advances for the second consecutive session at the end of the week due to the resumption of the selling bias around the dollar.
There is no news on the macroeconomic front, in which the headlines remain dominated by the relentless advance of the pandemic and its impact on global growth prospects, particularly after more and more countries re-applied restraint measures and tighter control of social distancing.
On the euro agenda, another revision of the euro figures START of the third quarter will be seconded later by the results of the trade balance. Across the pond, producer prices are scheduled on the first shift, followed by the Consumer Sentiment from University of Michigan for the month of November and the speeches of Williams Y Bullard of the FOMC.
What to look for around the EUR
EUR / USD is looking to break above the multi-session consolidation zone we have seen lately and is moving beyond 1.18. However, in the very short term, the EUR / USD is expected to remain under scrutiny due to the dynamics of the dollar, which mainly comes from the US post-election scenario. and the progress of the coronavirus pandemic. At the most domestic level, the euro seems to be supported by the auspicious results of the fundamental indicators (although momentum appears to be somewhat mitigated in several regions), although the moderate stance of the ECB It encourages some caution when it comes to bullish attempts. As usual, the euro is still supported by the strong position of the current account of the UEM.
EUR / USD levels
Right now the pair is winning 0.11% in 1.1816 and a break above 1.1920 (monthly high of November 9) would target 1.1965 (monthly high of August 18) en route to 1.2011 (2020 high of September 1). On the other hand, the next support emerges at 1.1745 (weekly low of November 11) followed by 1.1709 (Fibo level of the 2017-2018 recovery) and finally 1.1602 (monthly minimum of November 4).
.
Credits: Forex Street
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.
