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16 Nov 2018

EUR/USD consolidates strong weekly gains near 1.1400

  • EUR/USD rises to 1.1419 and losses momentum but holds to important weekly gains. 
  • A weaker US Dollar across the board supported the rally. 

The US dollar extended losses and pushed EUR/USD further above 1.1400. The last move lower came after a US President Trump mentioned China wants to make a trade deal. He said it was not acceptable yet and that they may not have to impose more tariffs. 

The pair rose to 1.1419, hitting a fresh weekly high. Near the end of the week, it is trading at 1.1410/15, consolidating weekly gains. The euro has risen 200 pips from the 2018 low it hit on Monday at 1.1215. 

The move higher took place amid a correction of the greenback across the board. The DXY hit the highest since June 2017 above 97.50 and on Friday fell under 96.50. For the EUR/USD pair so far is being the best week since September. 

The strong bounce from the lows could offer signals that a bottom is in place, pointing to some potential consolidation. The key level to the upside is 1.1500: a confirmation above would add more strength to the euro. On the flip side, a slide below 1.1300, could clear the way for a test of YTD lows. 

Week ahead

In the Eurozone, the European Commission is expected to deliver its final opinion on the Italian budget. The ECB will release the minutes from its latest meeting on Thursday and PMI data is due on Friday. In the US, also the PMI readings are due on Friday and previously housing data will be released. Brexit and UK political development are likely to continue to be watched closely. 
 

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WTI erases daily recovery gains, looks to settle below $57

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