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EUR/USD around 1.1850 post-US ISM

  • Spot stayed apathetic post-data.
  • US ISM manuf came in below expectations.
  • Fedspeak now on tap.

The European currency remains well into the negative territory at the end of the week, with EUR/USD hovering over the mid-1.1800s following US data.

EUR/USD attention to Fedspeak

After two consecutive session with gains, the pair is now trading in red figures and stay on the way to close the first week with losses following a 3-week rally.

In fact, USD-weakness, solid fundamentals in the euro region and political turmoil in the US has all been behind the upbeat momentum around EUR, even prompting investors to quickly shrug off recent lower-than-expected inflation figures in the euro bloc for the month of November.

Furthermore, spot remained unchanged today despite the critical US ISM manufacturing missed consensus in November at 58.2. Ahead in the session, spot should remain vigilant on upcoming Fedspeak.

EUR/USD levels to watch

At the moment, the pair is losing 0.35% at 1.1861 facing the next support at 1.1848 (10-day sma) followed by 1.1810 (low Nov.30) and finally 1.1762 (21-day sma). On the flip side, a breakout of 1.1961 (high Nov.27) would target 1.2033 (high Sep.20) en route to 1.2069 (high Aug.29).

 

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