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
Today Last Price: 1.1468
Today Daily change: 28 pips
Today Daily change %: 0.245%
Today Daily Open: 1.144
Previous Daily SMA20: 1.1399
Previous Daily SMA50: 1.1376
Previous Daily SMA100: 1.1479
Previous Daily SMA200: 1.1639
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