Daily Price Outlook

The EUR/USD coin extended its previous session's bearish bias and stayed pressured around the intraday low of 1.1288, down 0.17% on the day. The recent weakness of the pair may be linked to remarks made by European Central Bank (ECB) President Christine Lagarde. The ECB President refers to recent inflation concerns as a "hump" and expands the possibility of maintaining cheap money policies.

In the meantime, broad-based US dollar strength was another key factor that kept the EUR/USD pair under pressure. However, the US dollar was supported by the market's risk-off mood, which boosted safe-haven demand and contributed to the EUR/USD currency pair's losses. Aside from this, the US dollar's safe-haven demand is bolstered by substantially weaker COVID circumstances in the bloc than in the US, as well as Sino-American tensions.

Concerns that China's faltering real-estate business, Evergande, would fail as the 30-day grace period expires on Monday also weigh on the EUR/USD prices. The EUR/USD currency is currently trading at 1.1286 and consolidating in the range between 1.1281 and 1.1314. During early Monday's Asian session, risk sentiment improved, supporting US Treasury yields and stock futures to offset Friday's losses. The market mood was being supported by hopes of discovering a cure for the South African COVID strain known as Omicron and speculation that the disease is less severe than previously thought.

Following its initial impact on Europe and the United Kingdom, the virus strain now has a firm grip on key global nations such as the United States and China. But, on the other hand, global scientists are confident of discovering a cure for the COVID-19 strain. The US's top medical officer, Anthony Fauci, recently approved Pfizer's medicine as effective against Omicron, while news of chewing gum to stop the virus' spread and the UK's campaign for treatment also gives traders hope. These positive headlines may help the EUR/USD currency pair limit its deeper losses.

As a result, S&P 500 futures were up 0.45% intraday, while US 10-year Treasury yields were up 4.2 basis points (bps) to 1.378 percent. It's worth mentioning that Wall Street indexes ended the day in the red while US 10-year Treasury rates fell approximately ten basis points (bps) to 1.35 percent, their lowest level since late September the day before.

On the USD front, the broad-based US dollar was supported by concerns about the omicron COVID-19 variation and forecasts of more hot US inflation data, which put upward pressure on interest rates. The mixed job report released on Friday only bolstered the case for a faster Fed asset withdrawal. The consumer price index, released later this week, is also expected to support the view and bolster the dollar. Thus, the US dollar's bullish bias keeps the EUR/USD pair lower. The US Dollar Index, which tracks the greenback against a bucket of other currencies, rose by 0.16% to 96.270.

Moving on, EUR/USD traders will be interested in Germany's Factory Order data for November, which is predicted to fall by 0.5 percent from the previous month's +1.3 percent. However, ahead of Friday's US Consumer Price Index (CPI), which will be essential for next week's Fed move, much focus will be on central bank comments and virus updates.

EUR/USD Intraday Technical Levels

Support Resistance

1.1272 1.1339

1.1236 1.1369

1.1205 1.1406

Pivot Point: 1.1302

EUR/USD - Technical Outlook

On Monday, the EUR/USD continues trading bearish, having dropped below the pivot point support level of 1.1302 level. The closing of candles below this level supports selling bias in the market. On the bearish side, a breakout of 1.1272 levels exposes the EUR/USD pair towards 1.1255 or 1.1175 levels. Further on the lower side, the next support prevails at 1.1155. Conversely, the resistance stays at 1.1302, and above this, 1.1333 and 1.1370 will be acting as a resistance, for now, all the best!

Bitcoin Price Prediction

The BTC/USD coin extended its previous week's bearish bias and dropped around the $48,000 level. The price of bitcoin could not stay above the $52,000 and $50,000 support levels. BTC plummeted sharply, shattering several key support levels near $48,000. Most crypto investors, particularly those who invested in Bitcoin, have had a bad few days. However, Bitcoin's value plummeted by 20%. However, this was not a Bitcoin-specific issue.

Almost every cryptocurrency, including Litecoin, suffers from the same issue. The heavy sell-off in Bitcoin was triggered by a drop in global stock markets and spread to other cryptocurrency assets. The cryptocurrency Ether (ETHUSD), 0.72 percent, which is based on the Ethereum blockchain, dropped nearly 15% on Saturday, but it recovered those losses by Sunday night, trading at $4,160. According to Coinmarketcap.com, the global crypto market cap was knocked down by around $400 billion on Saturday before recovering the majority of that.

Bitcoin prices have even fallen below the $45,000 mark, trading near the $40,000 mark. A low was formed, and the price is gradually regaining its losses. It broke through the $45,000 resistance level. Bitcoin's losses could be extended if it fails to break through the $50,000 resistance zone. Immediate support on the downside is near the $48,500 level. At the time of writing, the BTC/USD coin is trading at the 49,058.4 level and consolidating near the range between 48,317.2 and 49,457.2.

Crypto expert Nicholas Merten, founder and CEO of Digifox and host of a famous crypto-focused YouTube channel, tweeted on the weekend that BTC is not in a bear market, which is defined as a drop of 20% or more from a recent high, but warned that the price decline might continue. As a result, this tweet has had no discernible impact on the investor's attitude thus far.

Meanwhile, broad-based US dollar strength was viewed as one of the primary factors keeping BTC/USD prices low. In contrast, Konzum, the largest food manufacturer and retailer in the Western Balkans, has become the first retail chain to accept digital assets as payment in Croatia. Such transactions are currently only available in its online store, but the company aims to expand the service to all of its supermarkets in the near future. This good news could aid the crypto market in limiting any further losses.

BTC/USD Intraday Technical Levels

Support Resistance

50818.03 56966.26

48028.7 60324.57

44669.4 63114.49

Pivot Point: 54176.7

BTC/USD - Technical Outlook

A decisive break above the $50,900 resistance level could pave the way for more gains. The next major obstacle is near $52,500, beyond which the price could continue to rise steadily. The bulls' next target might be about $53,500.

If bitcoin fails to break over the $50,000 resistance level, it may extend its losses. On the downside, there is immediate support near the $48,500 mark.

Near the $47,500 mark, the first substantial support is formed. A breach underneath the $47,500 support level may signal the start of a steep slide. The bears' next target might be $55,000.

Gold’s Daily Price Analysis

Gold prices ended the day at $1769.90, having reached a top of $1783.75 and a low of $1762.30. Gold fell to its lowest level since November 3rd, as the initial safe-haven demand for the metal spurred by concerns about the new coronavirus omicron type proved fleeting. Global shares rose for the day, with investors hoping that the Omicron variation would be mild and have little influence on the US economy's recovery. This lack of caution encouraged a risk-on mood and drove the greenback higher in choppy trade, pushing gold down with it. This lack of caution prompted a risk-on mood and drove the greenback higher in choppy trade, pushing gold down with it. This lack of caution encouraged a risk-on mood and drove the greenback higher in choppy trade, pushing gold down with it.

Nevertheless, the number of Americans filing new applications for unemployment benefits increased less than previously projected. The actual number of Americans claiming unemployment benefits was 222K, whereas the predicted amount was 238K. As a result, the US dollar rose in the market, putting additional pressure on precious metals.

The US Dollar Index, which measures the value of the US dollar against a basket of six major currencies, climbed for the second day in a row, reaching 96.18. Following a seven-day decrease, the US Treasury Yield on benchmark 10-year note changed tack and headed upward, recouping some of its previous daily losses after reaching 1.46 percent. Rising yields and the dollar's value put pressure on precious metals, driving gold lower.

After Fed Chairman Jerome Powell's comments triggered rate hikes, the market has seen some strength in US Treasury yields, which impacted the non-interest-bearing precious metal. The Omicron variant's forecasts will not impair the economic recovery as planned, and expectations that interest rates would increase sooner than expected piled severe pressure on gold on Thursday.

Furthermore, Atlanta Fed President Raphael Bostic stated that the central bank's bond-buying program should be terminated by the end of March to permit the Fed to raise interest rates to combat inflation.

San Francisco Fed President Mary Daly stated that Fed officials must always be prepared for many economic situations and that it was time to begin developing a strategy for raising interest rates to manage above-target inflation. These comments from several Fed officials also boosted the US dollar's strength and brought precious metals lower.

Market players are now looking forward to the US economic calendar, which will include the announcement of Challenger Job Cuts as well as the customary Weekly Initial Jobless Claims. This, together with remarks by important FOMC members, will have an impact on USD price dynamics and provide some support for the XAU/USD. Traders will also look for short-term opportunities in gold based on developments in the coronavirus crisis and broader market risk sentiment. The major focus, though, will remain on the release of the US monthly jobs report on Friday (NFP).

GOLD Intraday Technical Level

Support Resistance

1760.21 1781.66

1750.53 1793.43

1738.76 1803.11

Pivot Point: 1771.98

GOLD - Technical Outlook

Gold sharply fell to 1,761 levels and bounced off to trade above the pivot point level of 1,770. The bounce off has flipped the pivot point resistance into support. Therefore, the bullish bias dominates in gold. On the bullish side, the XAU/USD pair’s major resistance stays at 1,780, and further on the higher side, the next resistance can be found around 1,791.

On the bearish side, the support stays at 1,770 and violation of this exposes its price towards 1,761. While the RSI and Stoch RSI are both above 50, gold is in a bullish trend. Later today, the focus will be on the US non-farm payroll figures, as this typically triggers sharp price action in the market. All the best!

Daily Price Outlook

The ETH/USD was closed at $4512.71 after placing a high of $4630.11 and a low of $4437.49. ETH/USD extended its loss for the second consecutive session on Thursday amid the prevailing market sentiment.

The entire market sentiment turned negative after the SEC rejected the application of WisdomTree for a spot bitcoin ETF. Furthermore, the rising concerns about the Omicron variant, which had been driving up the prices of Bitcoin, also eased after the US President's remarks, and the cryptocurrencies started to fall.

On Thursday, US President Joe Biden announced that the resurgence of coronavirus cases in the country would be controlled by accelerating the pace of vaccine inoculations and offering booster jabs. He also said that there was no need to panic over the spread of the Omicron variant as the situation was under control. After the first case of the Omicron variant was reported in the country, the number of daily reported cases reached 90,000, and people started panicking. However, the positive comments from Biden in such a situation eased the concerns and added strength to the US dollar, which ultimately had a negative impact on ETH/USD as both have a negative correlation.

A study carried out by the University of Sydney and Macquarie University showed that ETH might potentially replace BTC as the leading inflation hedge. The study revealed that the widespread adoption of cryptocurrencies had gained the confidence of investors who are now seeing digital assets as a better hedge against inflation than gold. This study added to the positive momentum in ETH/USD and capped further losses in the second-largest cryptocurrency by market cap.

Meanwhile, the losses in ETH/USD could also be associated with profit-taking. The cryptocurrency has been rising continuously in the previous session amid the announcement of a new Ethereum scaling roadmap by its co-founder, Vitalik Buterin. He revealed a strategic roadmap to expand the available data space for rollups using the graph protocol. The roadmap's announcement triggered a bullish rally in ETH last week, which lasted for about four days, and then the cryptocurrency dropped.

ETH/USD Intraday Technical Levels

Support Resistance

4423.43 4616.05

4334.15 4719.39

4230.81 4808.67

Pivot Point: 4526.77

ETH/USD - Technical Outlook

The ETH/USD is trading with a slight bullish bias at 4,566 level. A close well above the $4,480 and $4,500 levels might signal the commencement of a new uptrend in the near future. In the scenario mentioned above, the price might jump to $4,650. Any further advances could push the price up to $4,800 in the short term. The downside correction may be extended if Ethereum struggles to start a new uptrend over $4,500. On the downside, the initial support level is near $4,420.

The first major support is presently emerging near $4,400. It is close to the 50% Fib retracement level of the upward run from the $4,282 swing low to the $4,506 high. A break just below the $4,400 support level might precipitate a precipitous drop. In this scenario, the price is likely to retest the $4,250 support level and the 100 hourly exponential moving average.

Bitcoin Price Prediction

The BTC/USD closed at $56,517.0 after hitting a high of $57,389.0 and a low of $55,842.0. BTC/USD dropped on Thursday amid the negative developments surrounding its ecosystem. The United States Securities and Exchange Commission (SEC) officially disapproved asset manager Wisdom Tree's spot Bitcoin (BTC) exchange-traded fund (ETF). The SEC rejected the proposal from Cboe BZX Exchange to list and trade shares of Wisdom Tree's Bitcoin Trust to prevent fraudulent and manipulative acts and practices and protect investors and the public interest.

According to the SEC, the BZX has not met the requirements for listing a financial product following its rules in addition to the Exchange Act. The SEC also claimed that the company failed to provide enough data to conclude that the crypto market was resistant to manipulation. On Thursday, the rejection of WisdomTree's application for a spot Bitcoin ETF added a negative impression on BTC/USD prices.

Furthermore, the rising price of the US dollar added further negative momentum to the BTC/USD pair. The greenback rose on Thursday to 96.18 levels ahead of the non-farm payroll report. The US dollar was also gathering strength amid the positive comments from Joe Biden over the Omicron variant. Biden said that there was no need to panic over the Omicron variant as the country was accelerating the vaccination campaigns and suggested that the variant would not halt the US economic recovery. These comments added strength to the US dollar and had a negative impact on the leading cryptocurrency.

On the flip side, an American online food delivery platform, Grubhub, has developed an idea to retain its users. The organization has partnered with Bitcoin bonuses company Lolli, which will allow its users to earn BTC on every order. In addition, the company will give about $5 in BTC to the customers of Grubhub on their first order. And on their next orders, they will subsequently get $1 in BTC. Users would have to activate Lolli on the web or mobile before placing an order on Grubhub. This news kept the losses in BTC/USD low on Thursday.

BTC/USD Intraday Technical Levels

Support Resistance

55776.4 57323.4

55035.7 58129.7

54229.4 58870.4

Pivot Point: 56582.7

BTC/USD - Technical Outlook

On Friday, the BTC/USD coin was trading sideways, maintaining a narrow range of 57,300–56,100. Bitcoin’s initial resistance stays around $57,300. A decisive break above the $57,300 resistance level could pave the way for more gains. The next significant obstacle is approaching the $60,000 mark, above which the price could continue to rise rapidly. The bulls' next target could be about $61,200.

On the flip side, failure to break over the $57,300 barrier level exposes Bitcoin towards a new downturn. On the downside, there is immediate support near the $56,650 mark. The first significant support is currently building between $56,800 and the 100 hourly SMA. The next significant level of support is at $56,000. A breach below the $56,000 support level might expose the price lower to $55,500. Any further losses could precipitate a significant drop towards $52,000.

Gold’s Daily Price Analysis

Gold prices ended the day at $1783.80, having reached a high of $1794.40 and a low of $1774.00. After falling for three straight sessions, gold prices regained some support and changed tack on Wednesday. Gold rose on coronavirus fears after the United States identified its first Omicron coronavirus variant case in California.

The patient was isolated after returning to California from South Africa on November 22. According to the CDCP, the individual had been fully vaccinated and was experiencing moderate symptoms that were resolved. Furthermore, the individual's close connections have tested negative. Concerns over the virus's spread, on the other hand, drove demand for safe-haven assets such as gold, which pushed its prices higher on Wednesday.

Meanwhile, gold's recovery from a three-week low could be linked to traders weighing the spread of the Omicron variant against remarks from Fed Chair Jerome Powell on the need to limit inflation. Researchers worldwide are racing to properly comprehend the significance of the Omicron variation, which was discovered in South Africa. To halt its spread, numerous countries have imposed travel restrictions, as fears about the strain's possible immunity to vaccine protection have grown in the market. On the other hand, Fed Chair Powell underlined that the central bank would keep inflation under control and explore hastening withdrawing monetary support.

The US Dollar Index, which measures the dollar's value against a basket of six major currencies, reached 96.04. On Wednesday, the 10-year Treasury note yield in the United States decreased for the seventh straight session, reaching 1.40 percent.

On the economic front, at 18:15 GMT, the ADP Non-Farm Employment Change increased to 534K from 525K expected, supporting the US dollar and adding to gold price increases. At 19:45 GMT, the final manufacturing PMI for November fell to 58.3 from 59.1 expected, weighing on the US dollar. Spending on construction remained unchanged at 0.2 percent. The ISM Manufacturing Price Index dropped to 82.4 from 85.5 predicted, putting pressure on the US currency. These bad macroeconomic data put additional pressure on the US dollar and pushed gold higher on Wednesday.

GOLD Intraday Technical Level

Support Resistance

1773.74 1794.14

1763.67 1804.47

1753.34 1814.54

Pivot Point: 1784.07

GOLD - Technical Outlook

Gold technical outlook turns bearish as it has violated a strong support level of $1,782 level. Closing of candles below the pivot point support become resistance level of 1,782. Now it’s supporting selling bias in gold. The precious metal gold is gaining support at 1,769 level and a break below this exposes it towards 1,760 and 1,745 level.

On the other hand, a break of the $1,782 level might spark an uptrend until the $1,798 and 1,808. The RSI is below 50, indicating a negative turnaround in gold. As a result, bearish bias dominates below $1,782 and vice versa. All the best!

Daily Price Outlook

The EUR/USD pair ended the day at $1.1320, having reached a high of $1.1359 and a low of $1.1303. The EUR/USD dropped on Wednesday amid the strength of the US dollar and the prevailing risk-off market sentiment. The US dollar index surged on Wednesday to a 96.04 level, despite unfavourable macroeconomic data released on the day. The greenback was gathering strength on the back of its safe-haven status as concerns about the spread of Omicron variants emerged in the market after the US reported its first Omicron variant case on Wednesday.

Meanwhile, Fed Chair Jerome Powell said that the Fed should increase tapering economic support to curb rising inflation. However, traders kept their focus more on the rising spread of the Omicron variant rather than on the hawkish comments from Powell and triggered a risk-off market mood. The riskier currency pair EUR/USD then faced pressure from the market's risk-off sentiment on Wednesday.

On the data front, German retail sales fell by 0.3% at 12:00 GMT, compared to the expected 1.0%, weighing on the single currency Euro. At 13:15 GMT, the Spanish manufacturing PMI fell to 57.1 from the predicted 57.9 and weighed on the single currency, the euro. At 13:45 GMT, the Italian manufacturing PMI surged to 62.8, against the forecasted 61.1 and supported the euro. At 13:50 GMT, the French Manufacturing PMI also improved to 55.9, against the predicted 54.6 supported by Euro. At 13:55 GMT, the German final manufacturing PMI remained flat at 57.4. At 14:00 GMT, the final manufacturing PMI for the whole bloc also remained unchanged at 58.4. Macroeconomic data from the whole bloc came in mixed and kept the currency pair under pressure on Wednesday.

From the US side, at 18:15 GMT, the ADP Non-Farm Employment Change rose to 534K, against the forecasted 525K, and supported the US dollar. That added further pressure on the EUR/USD pair. At 19:45 GMT, the final manufacturing PMI in November fell to 58.3 from the predicted 59.1 and weighed on the US dollar. Construction spending remained flat at 0.2%. The ISM Manufacturing Price Index fell to 82.4 from an expected 85.5, weighing on the US dollar. These unfavourable macroeconomic figures from the US kept the losses in EUR/USD limited for the session.

Furthermore, the euro was also low on Wednesday as more and more countries across Europe closed their borders to travellers from South Africa and neighbouring countries on the back of rising cases of the Omicron variant. The virus has spread to the UK, which raised fears of further spread to other European countries and kept the Euro under pressure, which ultimately added to the losses of the EUR/USD pair.

EUR/USD Intraday Technical Levels

Support Resistance

1.1252 1.1400

1.1170 1.1466

1.1105 1.1548

Pivot Point: 1.1318

EUR/USD - Technical Outlook

On Thursday, the EUR/USD continues trading sideways in a narrow trading range of 1.1385 – 1.1255 level. Technical side hasn’t changed a lot as traders awaits the US NFP figures later this week. On the bearish side, a breakout of 1.1318 levels exposes the EUR/USD pair towards 1.1255 or 1.1175 levels. Further on the lower side, the next support prevails at 1.1155. Conversely, the resistance stays at 1.1382, and above this, 1.1466 and 1.1550 will be acting as a resistance for now, all the best!

Bitcoin Price Prediction

Bitcoin's price has failed to break through the $58,500 resistance level. BTC is gradually declining from the previous swing high of $58,890. Below the $58,000 level, there was a break. The price was trading below the 23.6 percent Fib retracement level of the upward advance from the swing low of $53,300 to the high of $58,890. Furthermore, on the hourly chart of the BTC/USD pair, there was a breach below a significant bullish trend line with support near $57,200.

Bitcoin is currently trading close over the $57,000 mark and the 100 hourly simple moving average. On the upside, an immediate barrier is near the $57,500 mark. The first significant resistance is located near the $58,000 level. When China escalated its hostilities against the crypto industry earlier this year, one metric that suffered from the crackdown was the Bitcoin mining hashrate, which fell by more than 50% during this period, owing to crypto miners being pushed out of the Asian country.

The hashrate of Bitcoin mining has recovered following the Chinese ban. With former Chinese miners finding new homes worldwide, Bitcoin mining hashrate has resumed its journey to the top, with available statistics indicating that the metric has risen by roughly 80% in the last five months.

According to Coin Metrics statistics, the Bitcoin hashrate was as low as 84.79 exahashes per second (EH/s) during the peak of China's crypto prohibition. That figure has now almost completely recovered, with Bitcoin's hashrate currently at 156.6 EH/s, after reaching a high of 167.18 EH/s on November 17.

According to a Kraken intelligence analysis, the network hashrate may reach a new all-time high sooner than expected due to the compute power deployed by miners.

BTC/USD Intraday Technical Levels

Support Resistance

55527.4 58761.4

54116.7 60584.7

52293.4 61995.4

Pivot Point: 57350.7

BTC/USD - Technical Outlook

The primary resistance is still around $58,500. A decisive break above the $58,500 resistance level could pave the way for more gains. The next significant obstacle is approaching the $60,000 mark, above which the price could continue to rise rapidly. The bulls' next target could be about $61,200.

If bitcoin fails to break over the $58,000 barrier level, it may begin a new downturn. On the downside, there is immediate support near the $57,000 mark. The first significant support is presently building between $56,800 and the 100 hourly SMA.

The next significant level of support is at $56,000. It is close to the 50% Fib retracement level of the upward advance from the swing low of $53,300 to the high of $58,890. A breach below the $56,000 support level might bring the price down to $55,500. Any further losses could precipitate a significant drop towards $52,000.

Gold’s Daily Price Analysis

Gold prices ended the day at $1775.15 per ounce after reaching a top of $1811.30 and a low of $1771.25. Gold fell for the third session in a row on Tuesday, reaching its lowest level since November 4th. Despite the US dollar's decline, gold prices remained low for the day, despite additional aggressive statements from US Federal Reserve Chairman Jerome Powell. The US Dollar Index, which measures the dollar's value against a basket of six major currencies, fell to 95.52 on Tuesday, while 10-year Treasury rates fell for the fifth straight session to 1.41 percent, the lowest level since September 24th, 2014.

Powell announced on Tuesday that US central bankers would discuss completing bond purchases in December, which is a few months sooner than expected. He cited a healthy economy, stagnant labor-force growth, and high inflation likely to endure until mid-2022. These statements on the appearance of the new-coronavirus type caught the market off guard and hurt gold, dragging the precious metal even lower.

Earlier this month, the Fed began lowering its monthly purchases of Treasury and mortgage-backed securities from $120 billion to a rate that would put it on target to finish the wind-down by mid-2022. On Tuesday, Powell stated that the Fed might propose speeding the taper by a few months at the upcoming monthly meeting, sparking a new sell-off in gold prices despite the US dollar's decline.

The US dollar was weak on Tuesday as a result of poor macroeconomic data. On the statistics front, the HPI fell to 0.9 percent at 19:00 GMT, compared to the anticipated 1.2 percent, weighing on the US dollar, which weighed on further declines in gold prices. The S&P/CS Composite-20 HPI dipped to 19.1% from 19.3% predicted, impacting the US dollar and leading gold prices to fall even lower.

At 19:45 GMT, the Chicago PMI fell to 61.8 from 67.1 expected, weighing on the US dollar and limiting the decrease in gold prices. At 20:00 GMT, the CB Consumer Confidence fell to 109.5 from 110.8, weighing on the US dollar and causing gold to fall further.

GOLD Intraday Technical Level

Support Resistance

1760.50 1800.55

1745.85 1825.95

1720.45 1840.60

Pivot Point: 1785.90

GOLD - Technical Outlook

Gold technical outlook turns bearish as it has violated a strong support level of $1,784 level. Closing of candles below the pivot point support become resistance level of 1,785 is supporting selling bias in gold. The precious metal gold is gaining support at 1,769 level and a break below this exposes it towards 1,760 and 1,745 level.

On the other hand, a break of the $1,782 level might spark an uptrend until the $1,798 and 1,808. The RSI is below 50, indicating a negative turnaround in gold. As a result, bearish bias dominates below $1,784 and vice versa. All the best!

Daily Price Outlook

The EUR/USD currency pair was closed at $1.1336 after hitting a high of $1.1384 and a low of $1.1236. The currency pair EUR/USD reversed course on Tuesday and surged for the session amid the fresh weakness of the US dollar. The US Dollar Index, which measures the greenback's value against a basket of six major currencies, fell on Tuesday to 95.52 and weighed on the greenback, which added further gains to the EUR/USD currency pair. The US dollar was low on Tuesday after the macroeconomic data from the country came in against its favour, despite the hawkish comments from the US Fed chairman, Jerome Powell, on the day.

According to Powell, the Fed was waiting for the next policy meeting to discuss accelerating the pace of tapering bond purchases. These comments should have triggered an upward momentum in the greenback but failed to do so as the negative pressure followed by the unfavourable macroeconomic data outpaced the effect of Powell's hawkish comments and weighed on the US dollar, which added further gains in EUR/USD.

On the data front, at 12:45 GMT, the French Consumer Spending dropped to -4.4% against the forecasted 0.0% and weighed on the Euro, which weighed on the single currency euro and capitulated further gains in the EUR/USD pair. The French Prelim CPI surged by 0.4% against the predicted 0.4%, which supported the Euro and added further gains in EUR/USD. French preliminary GDP for the quarter remained flat at 3.0%.

At 13:55 GMT, the German Unemployment Change dropped to -34K against the forecasted-25K and supported the Euro to add further gains in EUR/USD. At 15:00 GMT, the CPI Flash Estimate for the year surged to 4.9% against the anticipated 4.5%, which supported the Euro and pushed EUR/USD further to the upside. The Core CPI Flash Estimate also surged to 2.6% against the anticipated 2.3% and added strength to the Euro, which pushed EUR/USD higher. The Italian prelim CPI also increased to 0.7%, against the projected 0.1%, and supported the euro, which pushed EUR/USD further to the upside.

At 19:00 GMT, the HPI declined to 0.9% against the anticipated 1.2% and weighed on the US dollar, adding further gains in EUR/USD. The S&P/CS Composite-20 HPI fell to 19.1% from 19.3% expected, weighing on the US dollar and adding to EUR/USD gains. At 19:45 GMT, the Chicago PMI also dropped to 61.8 against the forecasted 67.1 and weighed on the US dollar, which pushed EUR/USD further to the upside. At 20:00 GMT, the CB Consumer Confidence also fell to 109.5 from the anticipated 110.8, which weighed the US dollar and pushed EUR/USD higher.

EUR/USD Intraday Technical Levels

Support Resistance

1.1252 1.1400

1.1170 1.1466

1.1105 1.1548

Pivot Point: 1.1318

EUR/USD - Technical Outlook

On Wednesday, the EUR/USD is trading sideways in a narrow trading range of 1.1385 – 1.1255 level. The violation of this determines further trends in the pair. However, the investors seem to wait for the US NFP figures later this week.

On the bearish side, a breakout of 1.1318 levels exposes the EUR/USD pair towards 1.1255 or 1.1175 levels. Further on the lower side, the next support prevails at 1.1155. Conversely, the resistance stays at 1.1382, and above this, 1.1466 and 1.1550 will be acting as a resistance for now, all the best!