- EUR/USD moves sideways on Thursday, close to where it started the day.
- Jobless claims in the US exceed expectations, consumer confidence in the EU falters, keeping the Euro contained.
- EU and US PMI indices will close the trading week.
He EUR/USD moves into familiar territory on Thursday, looking for a breakout to the upside, but so far unable to find one.
The Euro began Thursday trading near 1.0660 before continuing Wednesday’s Fed-inspired slide and hitting the day’s low near 1.0620. EUR/USD remains trapped between those two points, trading up, down, and up again, as the bulls try to break the ceiling.
The September preliminary reading of consumer confidence came in below expectations at -17.8 compared to -16 previously and accentuating the decline from the -16.5 forecast.
US Initial Jobless Claims for the week of September 15 were notably better than expected, coming in at 201,000 from 221,000 previously, erasing the expected increase of 225,000.
Euro flat for Thursday with Friday PMI on the barrel
On Friday, the Purchasing Managers’ Index (PMI) will be published, both for the Euro and the Dollar.
The EU preliminary composite PMI for September is expected to decline from 46.7 to 46.5, while US PMIs will rise slightly.
The US services PMI is expected to rise from 50.5 to 50.6, while the manufacturing component would be at 48, up from 47.9 previously.
EUR/USD Technical Outlook
Hourly candles continue to show EUR/USD lower after failing to break above the 200 hourly SMA near 1.0700. The 100-hour SMA currently sits at 1.0675, providing additional resistance as the pair remains stuck to the 34-hour EMA near current price levels just above 1.0660.
On the daily candlesticks, a descending trend line from the July high at 1.1250 remains intact, and the 200-day SMA sits above the price action just below 1.0850, acting as a ceiling for any bullish attempts.
EUR/USD technical levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
