EURUSD Looking to Hold 1.1900 Against a Barrage of U.S. Data

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Written By: Kevin George

Nov 25, 2020, 14:31 GMT 14:31

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Summary:

EURUSD is looking for support above the 1.1900 resistance level as a slew of U.S. economic data hits the wires ahead of Fed minutes.

EURUSD is looking for support above the 1.1900 resistance level as a slew of U.S. economic data hits the wire. The first of the releases saw a rise in U.S. durable goods.

The latest durable goods number came in at 1.3%, which was higher than the 0.9% expected by analysts. The figure was a drop on last month’s 2.1% but recent manufacturing PMIs were strong and will inspire confidence. Another reading of Q3 GDP underlined the record performance of the economy in the latest quarter as the lockdowns eased.

The rest of the day will see Michigan consumer sentiment and PCE inflation figures from the world’s largest economy. Last up this evening will be the latest FOMC minutes. There is unlikely to be any surprises there as the Fed took a back seat to the election and inflation was contined to keep their 2% target in place for a 2023 planned rate movement.

EURUSD Technical Outlook

EURUSD is pressing the 1.1900 level with the year’s highs near the 1.2000 figure being the ultimate goal. The long side is in charge for now but this is an important 100 pips ahead. The Investing Cube team is currently available to help all levels of traders with the Forex Trading Course or one-to-one coaching.

EURUSD Daily Chart

Written By: Kevin George

Kevin George has over twelve years' experience in financial markets trading, which included stints in London and New York, trading equities and currencies. He has also traded in commodities, equities, futures and options. He has extensive technical-experience and combines this with a fundamental overview. He has published for SeekingAlpha, where he runs his own subscriber newsletter and graduated with an MSc in finance in 2017.