EUR/USD loses momentum below the mid-1.0800s ahead of the US Jobless Claims


  • EUR/USD lose ground near 1.0835 on the firmer USD.
  • The markets believe that the Federal Reserve (Fed) is done with hiking cycle.
  • Eurozone Industrial Production for September declined 1.1% MoM vs 0.6% rise prior.
  • European Central Bank (ECB) President Lagarde speech, US weekly Initial Jobless Claims will be closely watched events.

The EUR/USD pair loses traction during the Asian trading hours on Thursday. The renewed US Dollar (USD) demand weigh on EUR/USD. Meanwhile, the US dollar Index edges higher to 104.50 after retreating to multi-month low of 104.00. The major pair currently trades near 1.0835, losing 0.06% on the day.

The US economic data on Wednesday suggested that the US economy cools down and the markets believe that the Federal Reserve (Fed) is done with hiking cycle. The US Producer Price Index (PPI) dropped 0.5% MoM in October from 0.4% increase in September. Additionally, the Retail Sales declined by 0.1% in the same period, against expectations of a fall of 0.3%. The Core Retail Sales rose by 0.2% from the previous reading of 0.6%.

On the Euro front, the Eurozone Industrial Production for September declined 1.1% MoM versus 0.6% rise prior. On the yearly basis, the figure fell 6.9% from the 5.1% decline in the previous reading. This, in turn, exert some selling pressure on the Euro against the Greenback.

Looking ahead, market players will monitor the European Central Bank (ECB) President Lagarde speech later on Thursday. Also, the US weekly Initial Jobless Claims for the week ending November 11 will be due. These figures could give a clear direction to the EUR/USD pair.

 

EUR/USD

Overview
Today last price 1.0835
Today Daily Change -0.0008
Today Daily Change % -0.07
Today daily open 1.0843
 
Trends
Daily SMA20 1.0657
Daily SMA50 1.0626
Daily SMA100 1.0792
Daily SMA200 1.0804
 
Levels
Previous Daily High 1.0886
Previous Daily Low 1.0832
Previous Weekly High 1.0756
Previous Weekly Low 1.0656
Previous Monthly High 1.0695
Previous Monthly Low 1.0448
Daily Fibonacci 38.2% 1.0852
Daily Fibonacci 61.8% 1.0865
Daily Pivot Point S1 1.0821
Daily Pivot Point S2 1.0799
Daily Pivot Point S3 1.0767
Daily Pivot Point R1 1.0876
Daily Pivot Point R2 1.0908
Daily Pivot Point R3 1.093

 

 

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