Thursday, November 13, 2014

EUR/USD

It’s been a quiet week for EUR/USD and this lack of activity continues on Thursday, as the pair trades in the mid-1.24 range in the European session. On the release front, French CPI came in at a flat 0.0%, while German CPI slipped to -0.3%. In the US, we’ll get a look at key employment data, with the release of Unemployment Claims and  JOLTS Job Openings. In Washington, Fed Chair Janet Yellen will speak at conference hosted by the ECB and Federal Reserve.
EUR/USD edged upwards in the Asian session. The pair is steady in European trade.
On the downside, 1.2407 remains a weak support line. 1.2286 is next. This line has remained intact since August 2012.
1.2518 is an immediate resistance line.
Current range: 1.2407 to 1.2518 EUR/USD ratio is pointing to gains in long positions on Thursday, reversing the direction seen a day earlier. This is consistent with the pair’s movement, as the euro has posted small gains. The ratio is almost an even split between long and short positions, indicative of a lack of trader bias towards what direction to expect from EUR/USD.