- EUR/USD fell to 2-year lows as the Greenback strengthened across the board this Friday.
- The level to beat for sellers is the 1.0961 support which can open the doors to 1.0870.
EUR/USD daily chart
On the daily time-frame, the common currency is trading in a bear trend below the main daily simple moving averages (DSMAs). This Friday, EUR/USD broke to its lowest level since May 2017.
EUR/USD 4-hour chart
The market is under bearish pressure below its main SMAs. EUR/USD found some support at 1.0961. If this support is broken, there is little in the way to 1.0870, according to the Technical Confluences Indicator.
EUR/USD 30-minute chart
EUR/USD is trading below the main SMAs, suggesting a bearish momentum in the near term. Immediate resistances are seen at 1.0996, 1.1019, 1.1030 and 1.1064 levels, according to the Technical Confluences Indicator.
Additional key levels
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EUR/USD treads water just above 1.0400 post-US data
Another sign of the good health of the US economy came in response to firm flash US Manufacturing and Services PMIs, which in turn reinforced further the already strong performance of the US Dollar, relegating EUR/USD to the 1.0400 neighbourhood on Friday.
GBP/USD remains depressed near 1.2520 on stronger Dollar
Poor results from the UK docket kept the British pound on the back foot on Thursday, hovering around the low-1.2500s in a context of generalized weakness in the risk-linked galaxy vs. another outstanding day in the Greenback.
Gold keeps the bid bias unchanged near $2,700
Persistent safe haven demand continues to prop up the march north in Gold prices so far on Friday, hitting new two-week tops past the key $2,700 mark per troy ounce despite extra strength in the Greenback and mixed US yields.
Geopolitics back on the radar
Rising tensions between Russia and Ukraine caused renewed unease in the markets this week. Putin signed an amendment to Russian nuclear doctrine, which allows Russia to use nuclear weapons for retaliating against strikes carried out with conventional weapons.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
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