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EUR/USD: Upside attempts remain capped by 1.1480 ahead of Fed minutes

  • Supported amid better German data and risk-on action, as US-China trade optimism underpins.
  • 100-DMA near 1.1480 – a tough nut to crack, Fed minutes could trigger a break above it

The recovery in the EUR/USD pair continues to face stiff resistance at the 100-DMA placed near 1.1480 region, as the bulls await the FOMC minutes for the next push higher.

FOMC minutes to disappoint the hawks again?

The spot has entered a phase of upside consolidation, as markets remain in a wait and see mode ahead of the crucial minutes of the December Fed meeting that could offer fresh hints on the Fed rate pause amid US economic slowdown risks.

A dovish FOMC minutes is already factored in by the markets, especially after last week’s dovish comments by the Fed Chair Powell. However, a more dovish tone could trigger a fresh round of selling in the US dollar that could send the EUR/USD pair through the 100-DMA barrier en route the 1.15 handle and beyond.

On the EUR-side of the equation, upbeat German trade figures combined with higher European equities on US-China trade talks optimism continue to underpin the sentiment around the common-currency, as the data docket remains light for today.

EUR/USD Technical Levels

EUR/USD

Overview:
    Today Last Price: 1.1468
    Today Daily change: 28 pips
    Today Daily change %: 0.245%
    Today Daily Open: 1.144
Trends:
    Previous Daily SMA20: 1.1399
    Previous Daily SMA50: 1.1376
    Previous Daily SMA100: 1.1479
    Previous Daily SMA200: 1.1639
Levels:
    Previous Daily High: 1.1486
    Previous Daily Low: 1.1422
    Previous Weekly High: 1.1586
    Previous Weekly Low: 1.1309
    Previous Monthly High: 1.1486
    Previous Monthly Low: 1.1269
    Previous Daily Fibonacci 38.2%: 1.1446
    Previous Daily Fibonacci 61.8%: 1.1461
    Previous Daily Pivot Point S1: 1.1413
    Previous Daily Pivot Point S2: 1.1386
    Previous Daily Pivot Point S3: 1.135
    Previous Daily Pivot Point R1: 1.1477
    Previous Daily Pivot Point R2: 1.1513
    Previous Daily Pivot Point R3: 1.154

 

 

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