EUR/USD Current price: 1.1205

Live Chart for the EUR/USD

The American dollar advances modestly ahead of Wall Street opening, helped by  positive data released in the US. Market's sentiment improved late Wednesday when some OPEC members announce and undergoing deal to cap production output, favoring commodities and equities the most during Asian trading hours. European currencies, however, remained range bound. Data coming from Germany showed that the unemployment rate remained unchanged at 6.1%, although the employment change came in worse-than-expected with 1,000K new unemployed. Inflation in the country ticked modestly higher, according to September preliminary readings, printing 0.1% against the 0.0% expected.

As for US data, weekly unemployment claims came in at 254K, while the Goods trade balance showed that the deficit improved in August, printing $58.0B. More relevant, the final reading of the Q2 GDP was revised higher, to 1.4% from 1.3%. The EUR/USD pair fell down to 1.1196, and stands around the 1.1200 level, with a short term bearish tone according to the 1-hour chart, as the price is below its moving averages that anyway remain horizontal, while indicators head south within negative territory. In the 4 hours chart, the bearish momentum gains pace, as the price is extending below all of its moving averages, while indicators turned lower within negative territory.

Support levels: 1.1190 1.1160 1.1120

Resistance levels: 1.1235 1.1280 1.1335