FXStreet (Mumbai) – The European stocks turned lower after a firmer start, pushing the EUR/USD to a session high of 1.0944 levels ahead of the US data.
Weak stock support EUR
The common currency finally managed to take out the hourly 200-MA resistance at 1.0922 on the back of a drop in the European stocks. The pan-European Euro Stoxx 50 currently trades 1% lower on the day.
The stocks could continue to guide the EUR/USD pair ahead of the US data, which is expected to leave the third quarter annualised GDP unchanged at 2.1% and the core PCE unchanged at 1.3%. It will be followed by the US existing home sales number.
EUR/USD Technical Levels
At 1.0931, the pair could target 1.0981 (Dec 3 high), if it manages to sustain above 1.0932 (23.6% of 1.0517-1.0597). A break above 1.0981 would expose the 200-DMA at 1.1040. On the other hand, the immediate support is seen at 1.0922 (hourly 200-MA). A break lower would expose 1.0894 (50-DMA)-1.0890 (38.2% of 1.1495-1.0517).
(Market News Provided by FXstreet)