Conflicting techs keep the euro in directionless mode, US jobs data in focus
Near-term action remains in a sideways mode on conflicting technical signals and ahead of US jobs data, which could provide more evidence about Euro’s direction.
Recovery attempts from new 2021 low that left a bear-trap under 1.1290 Fibo level, underpin the action, but overall bearish daily studies weigh.
Hawkish comments from Fed’s chief Powell, boost expectations for faster tapering that would open way towards the earlier than expected start of policy tightening.
Solid US private sector jobs data add to positive signals for dollar, but weekly jobless claims (today) and Nov NFP (Friday) would provide clearer picture about the situation in the US labor sector.
Neutral mode is expected to persist while the price stays between 10 DMA (1.1276) and Fibo 38.2% of 1.1692/1.1186 bear-leg (1.1379), with break on either side to generate initial near-term direction signal.
Res: 1.1363; 1.1379; 1.1439; 1.1463
Sup: 1.1305; 1.1276; 1.1235; 1.1204