Euro Balances at Strategic Levels: Focus on Macroeconomic Data
FXOpen
The euro is showing mixed dynamics: EUR/USD is consolidating near strategic levels, while EUR/CAD continues its upward movement, supported by Canadian dollar weakness and fluctuations in oil prices. This performance comes amid anticipation of key economic releases: in Europe, the market is focused on PMI and inflation figures, while in the US attention is on private sector employment reports and manufacturing indicators. The threat of a US government shutdown adds uncertainty, heightening investor caution. The direction of further movement will depend on the balance of signals on both sides of the Atlantic: stronger eurozone inflation and softer US data may support the euro, whereas weak European numbers combined with resilient figures from the US/Canada could trigger a deeper correction.
EUR/USD
Last week, EUR/USD found support near 1.1645 and managed to climb back above 1.1700. The bullish momentum observed over three consecutive days has now slowed somewhat. Technical analysis of EUR/USD suggests potential growth towards 1.1780–1.1820, provided 1.1700 holds as support. Should euro sellers succeed in securing a move below 1.1700, the pair might once again test the recent low near 1.1645.
Key events that may influence EUR/USD pricing in the upcoming sessions include:
- Today at 10:55 (GMT+3): Germany Manufacturing PMI
- Today at 12:00 (GMT+3): Speech by Bundesbank representative Mauderer
- Today at 12:00 (GMT+3): Eurozone Consumer Price Index (CPI)
EUR/CAD
After breaking above the 2018 highs near 1.6150, EUR/CAD buyers continue to drive the uptrend. In case of negative euro-related news, the pair might correct back towards the recent extremes around 1.6200–1.6250. The next key resistance levels might be found at 1.6380–1.6400.
Key events that may influence EUR/CAD pricing in the upcoming sessions include:
- Today at 13:00 (GMT+3): OPEC meeting
- Today at 16:30 (GMT+3): Canada Manufacturing PMI
- Today at 16:30 (GMT+3): US Crude Oil Inventories
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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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