U.S. Dollar Index managed to rebound from session lows and is trying to settle back above the support at 106.00 – 106.15.
In case this attempt is successful, U.S. Dollar Index will move towards the 50 MA at 106.63.
EUR/USD pulled back as traders focused on the Euro Area inflation report. Inflation Rate increased from 2% in October to 2.3% in November, compared to analyst consensus of 2.3%. Today, traders also had a chance to take a look at the Retail Sales data from Germany. The report showed that Retail Sales declined by 1.5% month-over-month in October, compared to analyst forecast of -0.3%.
The nearest support level for EUR/USD is located in the 1.0525 – 1.0540 range. A move below the 1.0525 level will push EUR/USD towards the next support level at 1.0435 – 1.0450.
GBP/USD continues its attempts to settle above the nearest resistance level at 1.2700 – 1.2715. RSI is in the moderate territory, and there is enough room to gain momentum in case the right catalysts emerge.
If GBP/USD manages to settle above 1.2715, it will head towards the next resistance, which is located in the 1.2850 – 1.2870 range.
USD/CAD gained some ground despite the rally in precious metals markets. Other commodity-related currencies moved higher in today’s trading session.
In case USD/CAD settles above the 1.4050 level, it will head towards the nearest resistance level, which is located in the 1.4100 – 1.4120 range.
USD/JPY tests support at 150.00 – 150.50 as traders focus on the pullback in Treasury yields.
If USD/JPY declines below the 150.00 level, it will move towards the next support level at 147.00 – 147.50.
For a look at all of today’s economic events, check out our economic calendar.
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.