#EURUSD @ 1.06069 reaches new four-day high of 1.0625, bouncing from lows of 1.0547.

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• EUR/USD reaches new four-day high of 1.0625, bouncing from lows of 1.0547.

The pair currently trades last at 1.06069.

The previous day high was 1.0597 while the previous day low was 1.0536. The daily 38.2% Fib levels comes at 1.0574, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0559, expected to provide support.

EUR/USD rises sharply during the North American session, reaching a new four-day high of 1.0625 as the Greenback (USD) remains defensive amid an improvement in risk appetite. The pair bounced off from daily lows of 1.0547, hit in the European session.

Economic data revealed in Germany that inflation is easing, as the Harmonized Indices of Consumer Prices (HICP) dropped in October from 4.3% to 3%, below forecasts of 3.3%. the news is welcomed by the European Central Bank (ECB), which halted its tightening cycle last Thursday, keeping interest rates unchanged, and shifted data dependent, according to ECB’s President Christine Lagarde.

However, the Gross Domestic Product (GDP) in Germany for Q3 was -0.1% QoQ, above forecasts of -0.3%, while annually based stood at -0.3%, less than the -0.7% contraction.

Despite that, the EUR/USD has resumed its upward trajectory, above 1.0600, bolstered by a soft US Dollar (USD), as shown by the US Dollar Index down 0.35%, at 106.21.

Across the pond, the US economic docket featured the Dallas Fed Manufacturing Index, which plummeted more than the previous month’s reading, coming at -19.2 in October, below -18.1 in September. Although the data was negative, the EUR/USD barely flicked, with traders bracing for Tuesday’s data.

The Eurozone (EU) calendar will feature France and Italy’s GDP, Germany’s Retail Sales, and the EU inflation data. On the US front, the docket would feature the Employment Cost Index, the Chicago PMI and the Conference Board (CB) Consumer Confidence.

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0617 at the time of writing. Pair opened at 1.0564 and is trading with a change of 0.5 % .

The pair is trading above its 20 Daily moving average @ 1.0561, below its 50 Daily moving average @ 1.066 , below its 100 Daily moving average @ 1.0819 and below its 200 Daily moving average @ 1.0814

The previous day high was 1.0597 while the previous day low was 1.0536. The daily 38.2% Fib levels comes at 1.0574, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0559, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0534, 1.0504, 1.0473
• Pivot resistance is noted at 1.0596, 1.0627, 1.0658

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