On Friday, the EURUSD pair, currently at 1.06519, remained within a range that it is accustomed to.
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- EUR/USD spends Friday trading into familiar territory.
The pair currently trades last at 1.06519.
The previous day high was 1.0674 while the previous day low was 1.0617. The daily 38.2% Fib levels comes at 1.0639, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0652, expected to provide resistance.
The EUR/USD is trading into neutral ground heading into the end of the trading week, testing well-trodded ground near the 1.0660 handle.
US Purchasing Manager Index (PMI) figures came in off-kilter, triggering a soft walkback for the Greenback (USD) during the Friday trading session, but keeping losses limited to intraday boundaries.
European PMI figures earlier on Friday saw the Euro (EUR) ease back after an unexpected drop, with the manufacturing component printing at 43.4 versus the forecast 44.0.
The US Manufacturing PMI printed above expectations at 48.9 for September, compared to 47.9 for August, but the Services PMI component fell back to 50.2, reversing the market forecast increase to 50.6.
Read more:
Eurozone Preliminary Manufacturing PMI unexpectedly falls to 43.4 in September vs. 44.0 expected
US S&P Global Manufacturing PMI improves to 48.9, Services PMI declines to 50.2 in September
The economic calendar looking forward is notably thin for the first half of next week, though traders will want to keep at least one eye on US Consumer Confidence on Tuesday, as well as Wednesday’s Durable Goods Orders.
Market analysts see Durable Goods Orders for August slipping back only 0.4% after the previous reading of -5.2%.
The Euro has been cycling the 1.0660 level but has so far been unable to meaningfully mount the technical level, and is pacing familiar territory to close out the trading week.
The EUR/USD fell to a Friday low of 1.0615 but recovered to the top side near Friday’s peak just north of 1.0670.
Hourly candles see the EUR/USD trading just south of the 200-hour Simple Moving Average (SMA) near 1.0685.
On the daily candlesticks, the Euro is decidedly bearish, continuing to decline through the 200-day SMA and down almost 5.5% from July’s peak near 1.1275.
The 34-day Exponential Moving Average (EMA) is set to confirm a bearish cross of the 200-day SMA, and investors might be looking out for a relief rally to a major technical level before resuming another leg down.
Technical Levels: Supports and Resistances
EURUSD currently trading at 1.0657 at the time of writing. Pair opened at 1.066 and is trading with a change of -0.03 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.0657 |
| 1 | Today Daily Change | -0.0003 |
| 2 | Today Daily Change % | -0.0300 |
| 3 | Today daily open | 1.0660 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 1.0745, 50 SMA 1.0897, 100 SMA @ 1.0881 and 200 SMA @ 1.083.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.0745 |
| 1 | Daily SMA50 | 1.0897 |
| 2 | Daily SMA100 | 1.0881 |
| 3 | Daily SMA200 | 1.0830 |
The previous day high was 1.0674 while the previous day low was 1.0617. The daily 38.2% Fib levels comes at 1.0639, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0652, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 1.0627, 1.0594, 1.057
- Pivot resistance is noted at 1.0683, 1.0707, 1.074
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.0674 |
| Previous Daily Low | 1.0617 |
| Previous Weekly High | 1.0769 |
| Previous Weekly Low | 1.0632 |
| Previous Monthly High | 1.1065 |
| Previous Monthly Low | 1.0766 |
| Daily Fibonacci 38.2% | 1.0639 |
| Daily Fibonacci 61.8% | 1.0652 |
| Daily Pivot Point S1 | 1.0627 |
| Daily Pivot Point S2 | 1.0594 |
| Daily Pivot Point S3 | 1.0570 |
| Daily Pivot Point R1 | 1.0683 |
| Daily Pivot Point R2 | 1.0707 |
| Daily Pivot Point R3 | 1.0740 |
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