News

After US data, the EUR/USD trades above 1.1300.

  • 02 December, 2021
  • 6:24 pm EET

Forex news  for  2 December 2021

After US data, the EUR/USD trades above 1.1300.

 

In the early American session on Thursday, the EUR/USD is trading in the upper half of its daily range, around 1.1330. The weekly Initial Jobless Claims in the United States jumped to 222K from 194K, but market players paid no attention to this number ahead of Friday’s November jobs report.

The EUR/USD pair is technically neutral, with the downside capped in the short term by a Fibonacci support level at 1.1305, which represents a 23.6 % retracement of the November drop. The 4-hour chart reveals that the 20 SMA continues to rise, currently a few pips below a bearish 100 SMA, while the pair remains in the middle. In the meantime, technical indicators have lost directional strength but remain favorable. Bulls may have a chance if the pair breaks through the next Fibonacci resistance level, which is around 1.1380.

Levels of support: 1.1305, 1.1260, and 1.1210

Resistance levels are as follows: 1.1380, 1.1425, and 1.1470.

 

The EUR/USD pair is trading at familiar levels above 1.1300, slightly higher on Thursday. The market is in a holding pattern as a result of the unveiling of a new COVID-19 variation and comments from US Federal Reserve head Jerome Powell, who hinted at hastening tapering in the face of stubbornly rising inflation. Meanwhile, markets are trading with a negative tone, and US Treasury yields are under slight pressure, pushing on the greenback for the time being.

On the data front, the EU released the October Producer Price Index, which jumped 21.9 percent year on year after climbing 5.4 % in the month. In the same month, the Union’s jobless rate fell to 7.3 % , as projected. The US issued Initial Jobless Claims for the week ending November 19, which dropped to 222K, far lower than expected, while November Challenger Job Cuts printed at 14,875K.

 

Markets News :

  • GBP leads, AUD lags on the day
  • European equities lower; S&P 500 futures up 0.1%
  • US 10-year yields down 1.5 bps to 1.419%
  • Gold down 0.2% to $1,779.50
  • WTI down 0.5% to $65.22
  • Bitcoin down 1.0% to $56,346

 

 

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