The Euro ticked higher in Europe and holds slight bid tone at the beginning of US session, which is expected to show lower volumes due to US National Day of Mourning.
Dips found support at 1.1315 zone for the third consecutive day, with price action holding in narrowing consolidation which requires direction signal on break of either boundary of triangle (trendlines currently lay at 1.1380 and 1.1298).
Flat momentum studies and converged 10/20/30SMA’s support directionless mode which extends into third day and confirmed with Doji candles on Mon/Tue.
Bullish signals could be expected on break above triangle resistance line and lift above double-top at 1.1400, which would open way towards falling 55SMA (1.1455) and 20Nov high (1.1472).
Conversely, loss of temporary base at 1.1315 and 30 Nov low at 1.1305, would generate initial bearish signal, confirmation of which would require sustained break below triangle support line.
With no releases from the EU scheduled on Thursday, focus turns towards US data.
US ADP jobs report for November, often seen as indication for more significant US Non-farm payrolls report, and ISM Non-Manufacturing PMI for Nov, will be closely watched for fresh signals.
Also, possible comments about US/China trade issue, from President Trump or his administration, would have a high priority.
Res: 1.1380; 1.1400; 1.1433; 1.1455
Sup: 1.1315; 1.1305; 1.1298; 1.1267
