#EURUSD @ 1.05570 bottomed at a daily low of 1.0521 and recovered towards the 20-day SMA, around 1.0560.

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• EUR/USD bottomed at a daily low of 1.0521 and recovered towards the 20-day SMA, around 1.0560.

The pair currently trades last at 1.05570.

The previous day high was 1.0607 while the previous day low was 1.0566. The daily 38.2% Fib levels comes at 1.0581, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0591, expected to provide resistance.

In Thursday’s session, the EUR/USD dropped to a low of 1.0521 and then stabilised around 1.0560, clearing all of its daily losses.

During the European session, the European Central Bank (ECB) announced that they will hold rates steady, maintaining the interest rates on the main refinancing operations and the marginal lending and deposit facility at 4.50%, 4.75% and 4.00%, respectively. What weakened the Euro was the acknowledgement of Christine Lagarde, who pointed out that the Eurozone’s economy is likely to remain “weak for the rest of the year” and that the labour market is starting to see weakness. Regarding the next decisions, due to the economic outlook, the ECB won’t likely deliver any hikes and instead hold rates at the mentioned levels to combat inflation.

On the US side, the Gross Domestic Product (GDP) Q3 preliminary estimate was reported to have expanded at an annualised rate of 4.9%, beating the 4.2%, and as a reaction, the US DXY index rose to monthly highs around 106.90. That being said, the US Treasury yields are sharply declining and limited the pair’s momentum during the session. On Friday, the US will report Personal Consumption Expenditures (PCE) figures from September, which will likely have an impact on the US bond market and on the expectations of the next Federal Reserve (Fed) decisions.

The technical analysis of the daily chart points to a neutral to bearish outlook for EUR/USD, indicating the potential for further bearish movement. Displaying a negative slope below 50, the Relative Strength Index (RSI) indicates a potential continuation of bearish momentum, while the Moving Average Convergence (MACD) displays shorter green bars. In that sense, the bull will have difficulty holding above the 20-day Simple Moving Average (SMA) as the bearish momentum intensifies.

Support levels: 1.0550, 1.0520, 1.0500.

Resistance levels: 1.0580, 1.0600, 1.0630.

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0563 at the time of writing. Pair opened at 1.0567 and is trading with a change of -0.04 % .

The pair is trading above its 20 Daily moving average @ 1.0561, below its 50 Daily moving average @ 1.0672 , below its 100 Daily moving average @ 1.0823 and below its 200 Daily moving average @ 1.0816

The previous day high was 1.0607 while the previous day low was 1.0566. The daily 38.2% Fib levels comes at 1.0581, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0591, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.0553, 1.0539, 1.0512
• Pivot resistance is noted at 1.0594, 1.0621, 1.0635

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