EUR/USD Cycles Below 1.1000 in Pre-holiday Market Churn
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■ EUR/USD consolidated on Wednesday, slipping from 1.0980 to 1.0930.
■ Markets saw a steady risk bid that kept the USD pinned until a late-day break.
■ Up next: Thursday US GDP.
The EUR/USD drifted lower on Wednesday, falling back into 1.0930 late in the day after slipping from the day’s opening bids near 1.0980 with the pair capped just beneath the 1.1000 handle.
Markets broadly went risk-on after US Consumer Confidence and US Existing Sales revealed better-than-expected figures in both indicators. Risk assets gained some ground and the US Dollar (USD) slipped slightly as markets gear up for the holiday wrap-up.
US consumers are more upbeat about the US economy in December, with the US Consumer Confidence Index rising to 110.7 versus November’s 101.0, which was revised down from 102.0.
US Existing Home Sales also improved by 0.8% in November, rebounding from October’s -4.1%.
Eurozone Consumer Confidence for December also improved, but remained firmly lower compared to consumers’ faith in the US economy. Eurozone December Consumer Confidence rose to -15.1, still in negative territory but cautiously optimistic, recovering from November’s -16.9, and rebounding over the market’s median forecast of -16.4.
Coming up on Thursday will be US Gross Domestic Product (GDP), and markets are expecting US GDP in the third quarter to hold steady at 5.2%.
EUR/USD Technical Outlook
The EUR/USD is firmly planted within the week’s trading range, caught between 1.0980 and 1.0930. Intraday action has been drawing tight this week as investors gear up for the holiday break, pushing the Euro into the midrange against the US Dollar.
Daily candlesticks have the EUR/USD pinned into the top end just below the 1.1000 handle, with prices getting back on the north side of the 200-day Simple Moving Average (SMA) near 1.0850.
EUR/USD Hourly Chart, Source: FXStreet
EUR/USD Daily Chart, Source: FXStreet
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