U.S. Dollar Gains Ground In Quiet Trading: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Settled Above The Support At 106.00 – 106.15

U.S. Dollar Index gains some ground as traders wait for catalysts. There are no economic reports scheduled to be released today due to Thanksgiving Day.

The nearest support level for U.S. Dollar Index is located in the 106.00 – 106.15 range. In case U.S. 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 Is Moving Lower As Traders Focus On Germany’s Inflation Data

EUR/USD moved lower as traders reacted to Germany’s inflation data. Inflation Rate increased from 2% in October to 2.2% in November, compared to analyst forecast of 2.3%. Today, traders also had a chance to take a look at the Euro Area Economic Sentiment index report. The report showed that Economic Sentiment improved from 95.7 in October to 95.8 in November, compared to analyst consensus of 95.1.

If EUR/USD manages to stay above the resistance at 1.0525 – 1.0540, it will gain additional upside momentum and move 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 flat amid lack of catalysts. From the technical point of view, GBP/USD is stuck below the strong resistance level at 1.2700 – 1.2715.

If GBP/USD climbs above the 1.2715 level, it will head towards the next resistance level, which is located in the 1.2850 – 1.2870 range.

USD/CAD Attempts To Settle Below 1.4000

USD/CAD continues to move lower as traders take profits off the table near yearly highs. Other commodity-related currencies are mostly flat in today’s trading session.

If USD/CAD declines below the 1.4000 level, it will head towards the nearest support level, which is located in the 1.3930 – 1.3950 range.

USD/JPY Rebounds After Pullback

USD/JPY gains ground as some traders are ready to bet on a rebound after the pullback from November highs.

A move above the 152.00 level will push USD/JPY towards the resistance at 153.00 – 153.50. RSI is in the moderate territory, and there is enough room to gain momentum in case the right catalysts emerge.

For a look at all of today’s economic events, check out our economic calendar.