EUR/USD: LAST DAY OF MONTH
On Wednesday, the latest US GDP figures for the third quarter came in lower than expected. Nevertheless, the American currency managed to gain support from favorable Jobless Claims statistics, which may indicate that the US economy continues improving.
At present, though the USD is declining in other major pairs, the EUR/USD pair is still under pressure and is likely to continue being pressured until the next ECB and Fed meeting, due in mid-December.
Today, attention needs to be paid to Consumer Price Index for October, due in the eurozone, and a block of important releases, due in the US.
On the daily chart, the EUR/USD pair is declining in a channel with the lower border close to the levels of 1.0860, 1.0820 (July lows), after the breakdown of which the price may fall to the level of 1.0500 (year lows).
OsMA and Stochastic indicators on the daily, weekly and monthly charts recommend short positions. On the 4-hour chart, Stochastic is starting giving sell signals as well.
Support levels: 1.0900, 1.0860, 1.0820.
Resistance levels: 1.1050, 1.1235, 1.1285, 1.1350.
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