U.S. Dollar Tries To Rebound
U.S. Dollar Index attempts to rebound from recent lows as traders react to PCE Price Index report. The report indicated that PCE Price Index increased from 2.7% in August to 2.8% in September, in line with analyst estimates.
In case U.S. Dollar Index manages to settle above the 50 MA at 99.32, it will move towards the next resistance at 100.00 – 100.15.
EUR/USD Retreats Ahead Of The Weekend
EUR/USD pulled back despite the better-than-expected Factory Orders report from Germany. The report showed that Factory Orders increased by +1.5% month-over-month in October, compared to analyst forecast of +0.5%.
The nearest support level for EUR/USD is located in the 1.1585 – 1.1600 range. In case EUR/USD pulls back below the 1.1585 level, it will head towards the next support at 1.1470 – 1.1485.
GBP/USD Faced Strong Resistance At 1.3360
GBP/USD failed to settle above the resistance at 1.3360 – 1.3375 and pulled back towards the 1.3320 level.
In case GBP/USD declines below 1.3300, it will move towards the nearest support, which is located in the 1.3250 – 1.3265 range.
EUR/USD Price Forecast
Every new EUR/USD analysis as it publishes, today's technical signal and key levels, live price — on one page.
See all EUR/USD forecastsUSD/CAD Tests New Lows
USD/CAD is losing ground as traders focus on the Unemployment Rate report from Canada. The report showed that Unemployment Rate declined from 6.9% in October to 6.5% in November, while analysts expected that it would increase to 7%.
A successful test of the support at 1.3885 – 1.3900 opens the way to the test of the next support level, which is located in the 1.3815 – 1.3830 range. It should be noted that RSI is in the oversold territory, so the risks of a pullback are increasing.
USD/JPY Moves Higher As Japan’s Household Spending Misses Estimates
USD/JPY gained ground as traders reacted to the disappointing Household Spending report from Japan. The report indicated that Household Spending declined by -3.5% month-over-month in October, compared to analyst forecast of +0.7%. Weak Household Spending shows that the economy needs additional support at a time when BoJ plans to raise rates.
A move above the 50 MA at 155.71 will push USD/JPY towards the resistance level at 158.00 – 158.50.
For a look at all of today’s economic events, check out our economic calendar.
