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EUR/USD stops Friday’s gains and tries to return to 1.07

  • The Euro experiences a slight rebound on Friday, after falling steadily during the week.
  • Concerns are growing that the ECB will have to act more to limit inflation.
  • Upcoming events: EU GDP and US CPI inflation will be released on Tuesday.

The pair EUR/USD is seeing a slight bounce on Friday, while the US Dollar (USD) cools after a week of steady gains that led the Euro (EUR) to fall almost 1% from Monday’s high of 1.0756.

EU data was relatively sparse this week, with markets mostly focused on central bank numbers. European Central Bank (ECB) President Christine Lagarde avoided making waves during a public appearance on Friday, and markets are still chewing on developments after Federal Reserve (Fed) Chair Jerome Powell made some unexpected aggressive comments on Thursday.

Fed Chairman Powell noted that the Fed is not entirely confident that it has done enough to curb inflation, and markets were uncorked by these statements.

EU GDP and US CPI in focus for next week

EU Gross Domestic Product (GDP) figures will be published on Tuesday, followed by US Consumer Price Index (CPI) inflation figures.

EU GDP for the third quarter is expected to remain stable in both monthly and annualized figures, with forecasts of -0.1% and 0.1% respectively.

In the United States, the general CPI for October would decline from 0.4% to 0.1%, while the annual core CPI would remain at 4.1%.

With the Fed’s hawkish stance and renewed market focus on central bank statements, next week’s growth and inflation figures will have a greater impact if they deviate from forecasts.

EUR/USD Technical Outlook

The euro has spent most of the week stuck at the 1.0700 price level following Monday’s clear rejection from 1.0750.

EUR/USD has been capped by the 200-day moving average (SMA) near 1.0800, with a bearish 50-day SMA putting a floor under prices, leaving the pair stuck in the middle as prices consolidate between moving averages.

Despite falling more than 5% from July highs near 1.1275, the EUR/USD pair has been rising from the early October low at 1.0450.

EUR/USD Daily Chart

EUR/USD technical levels

EUR/USD

Overview
Latest price today 1.0685
Today I change daily 0.0021
Today’s daily variation 0.20
Today’s daily opening 1.0664
Trends
daily SMA20 1.0611
daily SMA50 1.0624
SMA100 daily 1.0797
SMA200 daily 1.0803
Levels
Previous daily high 1.0725
Previous daily low 1,066
Previous weekly high 1.0747
Previous weekly low 1.0517
Previous Monthly High 1.0695
Previous monthly low 1.0448
Daily Fibonacci 38.2 1.0685
Fibonacci 61.8% daily 1.0701
Daily Pivot Point S1 1.0641
Daily Pivot Point S2 1.0618
Daily Pivot Point S3 1.0576
Daily Pivot Point R1 1.0706
Daily Pivot Point R2 1.0748
Daily Pivot Point R3 1.0771

Source: Fx Street

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