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EURUSD Consolidating Recent Decline, US Employment Awaits

EUR
  • EURUSD reversed sharply Tuesday, and the pair has spent Wednesday’s session consolidating these declines, posting a very narrow range between 1.0525/74.
  • Yesterday’s price action has resulted in a brief test of support at 1.0533, the Feb 27 low. A clear break of this level would confirm a resumption of the downtrend and initially open 1.0484, the Jan 6 low and a key support. A trendline support lies at 1.0394 - the line is drawn from the Sep 28 low. Key short-term resistance has now been defined at 1.0694, the Feb 6 and 7 high.
  • Eurozone Revised GDP clocked in at 0.0% Q/q, in line with expectations with growth in Q3 getting revised up by 0.1ppt to 0.4%Q/q. Analysts note that both the level and growth rate of euro area GDP at the end of last year were above the respective indicators forecast by the ECB in its most recent projections.
  • There are no tier-1 eurozone data releases due on Thursday and Friday’s docket only has the final reading for German CPI. US employment on Friday will inevitably be the driving force for both EURUSD and global markets.
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