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EURUSD: price retraces to the balance line

The price action in the EURUSD pair was little changed at 1.1813 on Tuesday, November 10. Buyers pared all the intraday losses they sustained after disappointing macro data came out of Germany. EURUSD dropped to 1.1780, and EURGBP slipped to 0.8884. The price recovered to 1.1834 before the European close. The North American trading session was low-key.

Todays macro agenda (GMT+3)

 16:00 Eurozone: ECB Lagarde speech

1

Current outlook

On Tuesday, the price dropped to the 112-degree line (Gann level). Buyers bounced off 1.1780, retracing to the balance line. The price action is currently at the upper bound of the descending channel, which hinges on three price levels: 1.1795, 1.1780, and 1.1843.

Today’s resistance stands in the range of 1.1825-1.1835. If the single currency manages to break out of this range, it would pave the way for buyers to reach 1.1881 (the peak in terms of volume profile).

The best performing currency in today’s Asian trading is the New Zealand dollar (+1.08%). The kiwi pushed higher against the US dollar after the RBZN meeting and Adrian Orr's press conference. The country’s central bank kept rates unchanged at 0.25%. Orr said economic activity at home and abroad was more resilient than previously thought.

Market participants await updates about the coronavirus, Brexit, and the US presidential election. Today’s macroeconomic calendar looks empty aside from a speech by ECB head Christine Lagarde. FX players are closely watching the New Zealand dollar as this currency could cause other US cross pairs to rally as well.

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