Top Economic Calendar Headlines For Thursday
ECB Publishes Account of Monetary Policy Meeting: In the Eurozone, the minutes of the European Central Bank meeting due Thursday is expected to provide investors with an insight into the European central bank’s thinking on monetary policy. The European Central Bank left monetary policy unchanged in the last meeting. The meeting was the final monetary policy meeting for Draghi.
US Philadelphia Fed Manufacturing Index: U.S Philadelphia Fed Manufacturing Index for November will be closely followed by traders. The data measures the relative level of general business conditions in Philadelphia. It is expected to an outcome of 7.0.
US Existing-Home Sales: Existing Home Sales measure monthly sales of previously owned single-family homes and is expected to rise by 1.4% m/m in October. If the data post a weak performance as indicated by the consensus estimate, it would be negative for the US dollar.
Technical Analysis:
EUR/USD: The EUR/USD pair moved up after the release of the Federal Reserve meeting minutes. FOMC minutes showed that most officials saw rates as well-calibrated.
If the upward movement continues above the 1.1052 major support level, the resistance levels can be found at 1.1114 and 1.1165. On the other hand, if the pair falls below 1.1052, the next support level will be at 1.1007.
Support : 1.1052 - 1.1007 - 1.0965
Resistance : 1.1114 - 1.1165 - 1.1237
GBP/USD: The GBP/USD pair is now moving up towards the 1.2947 key resistance level. In order for the rise to gain more momentum, it needs to break out and stay above 1.2947 on a four hourly basis. At this point, the next resistance level will be at 1.3046. Otherwise, the key support level will be found at 1.2838.
Support: 1.2838 - 1.2768 - 1.2671
Resistance: 1.2947 - 1.3046 - 1.3136
USD/JPY: The USD/JPY pair stayed in a narrow consolidation range yesterday. If the price stays above 108.52 on a daily basis, we will face 108.79 and 109.09 as the resistance levels. In contrast, If the pair drops below 108.52, we will see the next support level at 108.14
Support : 108.52 - 108.14 - 107.82
Resistance: 108.79 - 109.09 - 109.39
GOLD: The Gold price jumped back up from the 1466 main support level. As long as the yellow metal stays above 1466 on a daily basis, the key resistance level can be seen at 1478. On the downside, If the price breaks down below 1466, the next support level will be at 1453.
Support: 1466 - 1453 - 1440
Resistance: 1478 - 1509 - 1524
BRENT OIL: The Brent Oil Price jumped back up from the key support level of 60.54. Now, we are closely watching the 61.69 main support level. As long as the price stays above 61.69 on a daily basis, we will follow the key resistance level at 63.13. On the other hand. If the price drops below 61.69, the next support level will be placed at 60.54 again.
Support: 61.69 - 60.54 - 59.25
Resistance: 63.13 - 64.73 - 65.95
BTC/USD: The Bitcoin Price showed a downward movement and it is now trading below the main level of 8143. If the price stays below 8143, on a daily basis, the major support level can be seen at 6433. On the other hand, if the price goes beyond 8143, the next daily resistance level will be at 9872.
Support: 6433 - 4087
Resistance: 8143 - 9872 - 11403
EUR/JPY: The EUR/JPY pair is now trading above the 120.13 daily support level. As long as the currency stays above 120.13 on a daily basis, the resistance level can be seen at 120.75. On the other hand, if the price drops below 120.13, the next support level will be at 119.49.
Support: 120.13 - 119.49 - 118.73
Resistance: 120.75 - 121.59 - 122.37