US Dollar Settles Above Support at 106.00 – 106.15
The US Dollar Index is rising slightly as traders await catalysts. There are no economic reports due today due to Thanksgiving.
The nearest support level for the US Dollar Index is in the 106.00 – 106.15 range. In case the US dollar index manages to settle below the 106.00 level, it will head towards the next support level at 104.30 – 104.50.
EUR/USD moves lower as traders focus on German inflation data
EUR/USD fell as traders reacted to German inflation data. The inflation rate increased from 2% in October to 2.2% in November, compared to analysts’ forecast of 2.3%. Traders also had the opportunity to look at the Eurozone Economic Sentiment Index report today. The report showed that economic sentiment improved from 95.7 in October to 95.8 in November, compared to the analyst consensus of 95.1.
If EUR/USD manages to stay above the resistance at 1.0525 – 1.0540, it will gain additional upward momentum and head towards the next resistance level at 1.0620 – 1.0640.
GBP/USD remains stuck below the key resistance at 1.2700 – 1.2715
GBP/USD is unchanged due to the lack of catalysts. From a technical perspective, GBP/USD is blocked below the strong resistance at 1.2700 – 1.2715. If GBP/USD climbs above 1.2715, it will head towards the next resistance level, which is in the 1.2850 – 1.2870 range.
USD/CAD tries to settle below 1.4000
USD/CAD continues to move lower as traders book profits from yearly highs. Other commodity-related currencies are mostly unchanged in trading today.
If USD/CAD falls below the 1.4000 level, it will head towards the nearest support level, which is in the 1.3930 – 1.3950 range.
USD/JPY recovers after pullback
USD/JPY is gaining ground as some traders are ready to bet on a recovery after pulling back from November highs. A move above the 152.00 level would push USD/JPY towards the 153.00 – 153.50 resistance. The RSI is in the moderate zone, and there is enough room for momentum to build if the right catalysts appear.
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