Euro cuts Friday’s forex gains against the US dollar

The euro slashes Friday’s forex gains against the US dollar as the German CPI and Fed Governor Powell come into focus.

EUR / USD is lower, matching Friday’s gains when the pair posted its biggest daily currency gain in 2021.

The discovery of Omicron’s new covid variant sparked market riots on Friday. The US dollar fell in the currency market as investors questioned the Fed’s ability to quickly raise rates. However, comments from US and Israeli health officials over the weekend helped allay market fears.

Eurozone consumer confidence is expected to release and show lower sentiment at -6.8 in November.

German inflation is also expected to see the CPI rise to 5% from 4.6% in October.

Speeches by ECB Lagard and Fed Chairman Powell could boost the EUR / USD movement in the currency market, in addition to the headlines about the Omicron variant.

Where is the EUR / USD going?

Despite Friday’s 1% jump, the dominant trend for the pair EUR / USD still bearish. The EUR / USD is trading in its 6-month downtrend channel, the RSI favors a further decline as it remains out of oversold territory.

Immediate support can be seen at 1.1230, the lower band of the bearish channel, after which the yearly low at 1.1186 is triggered.

Any significant rally should take the November 19 high at 1.1377 to change to the November 15 high at 1.1460.

By Fiona Cincotta, » Official site

Disclaimer: The information and opinions contained in this report are provided for general information only and do not constitute an offer or solicitation regarding the purchase or sale of currency exchange contracts or CFDs. Although the information contained in this document has been taken from sources considered reliable, the author does not guarantee its accuracy or completeness, and assumes no responsibility for any direct, indirect or consequential damages that may result from the fact that someone trusts such information.

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