EUR/USD eases from weekly tops, still well bid around mid-1.1400s ahead of German CPI
• Persistent USD selling bias helped build on the overnight goodish up-move.
• Thin liquidity conditions holding traders from placing any aggressive bets.
• Traders now eye prelim German CPI/second-tier US data for fresh impetus.
The EUR/USD pair trimmed a part of its early gains to fresh weekly tops but has managed to hold with modest daily gains, around the 1.1450 region.
The pair built on previous session's strong up-move of around 100-pips and continued gaining positive traction for the second consecutive session amid the prevalent US Dollar selling bias.
The partial US government shutdown coupled with fears of a possible economic slowdown in the US kept exerting downward pressure on the greenback and pushed the pair to a fresh weekly high level of 1.1467.
The uptick, however, lacked strong conviction/follow-through as traders now seemed to keep positions rather light amid thin liquidity conditions ahead of the year-end holidays.
Moving ahead, today's release of the prelim German consumer inflation figures, followed by second-tier US economic data - Chicago PMI and pending home sales data, will now be looked upon for some fresh impetus.
Technical levels to watch
Today Last Price: 1.145
Today Daily change: 10 pips
Today Daily change %: 0.0874%
Today Daily Open: 1.144
Previous Daily SMA20: 1.1369
Previous Daily SMA50: 1.1374
Previous Daily SMA100: 1.1478
Previous Daily SMA200: 1.1675
Previous Daily High: 1.1454
Previous Daily Low: 1.1348
Previous Weekly High: 1.1486
Previous Weekly Low: 1.1302
Previous Monthly High: 1.15
Previous Monthly Low: 1.1216
Previous Daily Fibonacci 38.2%: 1.1414
Previous Daily Fibonacci 61.8%: 1.1389
Previous Daily Pivot Point S1: 1.1374
Previous Daily Pivot Point S2: 1.1308
Previous Daily Pivot Point S3: 1.1268
Previous Daily Pivot Point R1: 1.148
Previous Daily Pivot Point R2: 1.152
Previous Daily Pivot Point R3: 1.1586