EUR/USD is almost unchanged on Wednesday, as the pair trades at 1.0920 in the North American session. Taking a look at economic news, Eurozone inflation indicators remain weak, as Spanish CPI produced a small gain of 0.1% . In the US, today’s major release is Pending Home Sales, with the markets forecasting a respectable gain of 0.6%.
CB Consumer Confidence looked excellent in December, as the key indicator jumped to 96.5 points, up sharply from 90.4 points a month earlier. This easily beat the estimate of 93.9 points. This follows a solid UoM Consumer Sentiment, which improved to 92.6 points, above the forecast of 92.1 points and marking a 4-month high. Consumer confidence indicators are closely monitored by analysts, as stronger consumer confidence often translates into increased consumer spending, a key driver of economic growth. Strong consumer demand has been an important factor in the strength of the US economy, which led to the historic rate hike by the Federal Reserve last week.
EUR/USD Fundamentals
Wednesday (Dec. 30)
- 8:00 Spanish Flash CPI. Estimate 0.1%. Actual 0.0%.
- 9:00 Eurozone M3 Money Supply. Estimate 5.2%. Actual 5.1%
- 9:00 Eurozone Private Loans. Estimate 1.3%. Actual 1.4%
- 10:19 Italian 10-year Bond Auction. Actual 1.59%
- 15:00 US Crude Oil Inventories. Estimate -1.8M
EUR/USD for Wednesday, December 30, 2015
EUR/USD December 30 at 11:00 GMT
EUR/USD 1.0922 H: 1.0944 L: 1.0919
EUR/USD Technical
| S1 | S2 | S1 | R1 | R2 | R3 |
| 1.0659 | 1.0732 | 1.0847 | 1.0941 | 1.1087 | 1.1172 |
- The pair has shown slight choppiness during the Asian and North American sessions.
- 1.0941 is a weak resistance line. It was tested earlier in the day.
- 1.0847 is an immediate support level.
- Current range: 1.0847 to 1.0941
Further levels in both directions:
- Below: 1.0847, 1.0732 and 1.0659
- Above: 1.0941, 1.1087, 1.1172 and 1.1278
OANDA’s Open Positions Ratio
In the EUR/USD ratio, short positions command a strong majority (62%). This is indicative of trader bias towards the euro moving downwards.