EURUSD Chart Technical OutlookEUR/USD might find support at the 1.0500 area but upside attempts will find sellers.
The Euro is losing ground for the fifth consecutive day on Thursday, with the Trump trade fuelling speculative demand for the US Dollar. The pair has reached oversold territory which often leads to some correction, but rallies are likely to find sellers.
The US economy remains solid, and investors expect Trump’s lower tax policies to boost it. The Eurozone GDP, on the contrary, is likely to confirm a lackluster economic growth in the third quarter, with the political uncertainty in Germany increasing pressure on the common currency
In the US calendar, the US PPI is expected to show that inflation is growing at the factory gate, which will frame Fed Powell’s speech later today.
From a technical perspective, the oversold levels might lead to some correction. Supports are seen at 1.0515 and 1.0450. Upside attempts, however, will remain limited. Resistances are at 1.0645 and 1.0730.
