EUR/USD Forecast - Prices, Charts, and Analysis
- US and Euro Area inflation releases dominate this week’s economic calendar.
- Federal Reserve speakers are out in force this week.
The Euro is eyeing 1.0700 against the US dollar in early turnover with little in the way of news, or sentiment, to make or break the move. The US dollar is fractionally weaker to start the week, while risk sentiment is flat after last Friday’s notable risk-on move.
This week’s sees the latest Euro Area and US inflation reports released, along with Euro Area growth and German sentiment. These data releases all have market-moving potential, especially the CPI reports after Chair Powell doubled down on the Fed’s fight against inflation last week.
In addition to the above economic data, there are 18 Federal Reserve speeches this week across a variety of events. Speakers include John Williams, Michael Barr, Loretta Mester, Lisa Cook, and Susan Collins. Traders should be aware of when these speeches are scheduled for release and take note of any monetary commentary.
EUR/USD is currently stuck in the middle of three simple moving averages with the 20- and 5-day smas providing support, while the 200-day sma is overhead and acting as resistance. Support for EUR/ USD is seen in a zone between 1.0610 (38.2% Fib retracement) and horizontal support at 1.0635 with the two smas stuck in the middle. There are a few recent highs between 1.0750 and 1.0768 that guard the 200-dsma at 1.0801.
EUR/USD Daily Price Chart – November 13, 2023
