EUR/USD: news from the battlefield
EUR/USD remains supported above $1.3500, but is limited by resistance in the $1.3615 area. There’s also resistance at $1.3626 (61.8% Fibo of the decline from Oct. to Nov.) and $1.3642 (upper daily Bollinger band). Oscillators at H4 are in the neutral state. The single currency’s now testing support at $1.3570/60 (55-day MA, 200-period MA at H4). Further support lies at $1.3525, $1.3500/90 and $1.3468 (bottom of the daily Ichimoku Cloud).
Analysts at Scotiabank point out that the technical picture is mixed, because, on the one hand, the trend is breaking down, and, on the other hand, the bulls struggle to maintain the recent gains.
Spanish services PMI rose to 51.5. Watch the upcoming data:
8:45 GMT - Italian Services PMI
10:00 GMT - Euro zone’s Retail Sales and Revised GDP
13:15 GMT - US ADP Non-Farm Employment Change
13:30 GMT - US Trade Balance
15:00 GMT - US ISM Non-Manufacturing PMI and New Home Sales
19:00 GMT - US Beige Book
Chart. H4 EUR/USD