EUR / USD targets day lows after meeting resistance below 1.1650

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  • EUR / USD fails to hold on to daily gains and pulls back.
  • The mixed dollar dollar continues to be supported by Treasury yields.

EUR / USD continues to trade within the same range for days. On Friday the price did not exceed 1.1650 and fell to 1.1620 in the pre-session of the American session. The movements in the currency market remain limited at the end of the week, favoring the continuity of the range.

For days, the EUR / USD remains between 1.1660 and 1.1615, validating a previous rise, and with limited corrections. To the upside, above 1.1650 the euro would gain momentum, but it needs to leave 1.1670 behind to point to a prolongation of the gains.

On Friday the dollar is with mixed results, while the stock markets are picking up pace with the passing of the minutes. Treasury bond yields remain in the zone of maximums in months, giving support to the dollar.

With regard to data, the Eurozone PMIs were released, showing a slowdown, in some cases greater than expected and in other cases less. The indicator was affected by problems in the supply chain. That of the region in general showed a drop in manufacturing from 58.6 to 58.5 (consensus: 57) and in services from 56.4 to 54.3 (55.2).

Later on Friday the US PMI will be released in another relevant event, Jerome Powell will speak at a South African Reserve Bank conference. No surprises are expected. They will be the last words of FEd functions before the November FOMC meeting.

Technical levels

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