EUR/USD: risk tone supporting single currency – FXStreet

By FXStreet FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet explained that the American dollar ended the day lower against all of its major rivals, as the positive mood among worldwide investors grew following the release of the latest US FOMC Minutes.

Key Quotes:

“Dollar bulls unwind positions for riskier assets, and lackluster US macroeconomic data helped the greenback to fall. Weekly unemployment claims, in the week ended Nov 13, met expectations printing 271K, whilst the Conference Board Leading Economic Index increased 0.6% in October to 124.1, following a 0.1% decline in September, and a 0.1% decline in August.

The EUR/USD pair surged up to 1.0762, before retracing some, but holds to most of its recent gains around its last week comfort zone, around 1.0740/50. The 1 hour chart shows that the pair is founding some buying interest around its 200 SMA, whilst the 20 SMA heads higher below the current level. In the same chart, the technical indicators have retreated towards their mid-lines alongside with price, but are far from suggesting a bearish continuation.

In the 4 hours chart, the price has advanced above its 20 SMA, whilst the technical indicators are losing their upward strength above their mid-lines, supporting some …read more

Source:: FX Street