EUR/USD Current price: 1.1791
- US ADP survey posted an encouraging result ahead of NFP.
- EU Q3 GDP revision not expected to surprise.
The greenback is the overall winner this Wednesday, up against all of its major rivals except the Japanese yen. The EUR/USD pair fell to 1.1780 its lowest in two weeks mid-US session, bouncing modestly ahead of the close but ending it down for a second consecutive day. Data was mixed in both economies as German factory orders rose in October by 0.5%, surpassing market's forecast of a 0.3% decline, but the annual advance resulted at 6.9%, below the previous 9.5% and the expected 7.0%. In the US, the ADP private employment survey resulted encouraging, as it indicated that 190,000 new jobs were added, slightly above the 185K expected. However, the unit labor cost was revised to -0.2% for the third quarter of the year from a previous estimate of 0.5%, down for a second consecutive quarter, a bad sign for hopes of increasing inflation. This Thursday, attention will centre on EU final Q3 GDP, expected unchanged from preliminary estimates, with little in the US ahead of the Friday's Nonfarm Payroll report.
The pair retains its bearish stance heading into the Asian opening, below its 100 SMA in the daily chart for the first time in three weeks. Shorter term, and according to the 4 hours chart, the risk also leans towards the downside, as the price has fallen further below its 20 and 100 SMAs, with the shortest gaining downward traction above the largest, as technical indicators continue nearing oversold territory. The 1.1820/30 region is now the immediate resistance ahead of the 1.1870 price zone, where selling interest capped the upside ever since the week started.
Support levels: 1.1760 1.1725 1.1685
Resistance levels: 1.1825 1.1870 1.1910
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
EUR/USD trades at yearly lows below 1.0500 ahead of PMI data
EUR/USD stays on the back foot and trades at its lowest level since October 2023 below 1.0500 early Friday, pressured by persistent USD strength. Investors await Manufacturing and Services PMI surveys from the Eurozone, Germany and the US.
GBP/USD falls to six-month lows below 1.2600, eyes on key data releases
GBP/USD extends its losses for the third successive session and trades at a fresh fix-month low below 1.2600. This downside is attributed to the stronger US Dollar (USD) as traders continue to evaluate the Fed's policy outlook following latest data releases and Fedspeak.
Gold rises toward $2,700, hits two-week top
Gold continues to attract haven flows for the fifth consecutive day and rises toward $2,700. XAU/USD continues to benefit from risk-aversion amid intensifying Russia-Ukraine conflict. Investors keep a close eye on geopolitics while waiting for PMI data releases.
Ethereum Price Forecast: ETH open interest surge to all-time high after recent price rally
Ethereum (ETH) is trading near $3,350, experiencing an 10% increase on Thursday. This price surge is attributed to strong bullish sentiment among derivatives traders, driving its open interest above $20 billion for the first time.
A new horizon: The economic outlook in a new leadership and policy era
The economic aftershocks of the COVID pandemic, which have dominated the economic landscape over the past few years, are steadily dissipating. These pandemic-induced economic effects are set to be largely supplanted by economic policy changes that are on the horizon in the United States.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.