After Wednesday's poorly received FOMC dovish statement, the financial market today fell asleep in the wake of the holiday in Japan and later in the US. USD / JPY closed the session in the US at 111.20 and since then has not deviated. In a similar style, EUR / USD sits at 1.1827. On the stock market, the red color dominates, Hang Seng is down 0.3% and Shanghai Composite fell 2.0%. Gold corrected yesterday's gains, oil is steady so far.

On Thursday 23rd of November, the event calendar is light in important news releases, but market participants will keep an eye on German GDP data, Flash Manufacturing, Services and Composite data from Germany, France and the Eurozone, Second Estimate GDP data from the UK and Retail Sales data from Canada.

EUR/USD analysis for 23/11/2017:

The PMI index for the European industrial sector was at 60.0 pts against the expected slide to 58.2 pts (previously: 58.5 pts), according to the latest IHS Markit estimates. A series of positive data is complemented by a slightly less spectacular jump in services that pushed the index down 1.2 points to 56.2 points (consensus: 55.2 points). The dose of potential surprise by the above data effectively suppressed the indications coming from the German and French economy. Better sentiment in the industrial sectors of the above-mentioned countries is mainly due to the clear increase in sub-indices of costs and employment - in France, it went over sixteen-year highs. Optimism towards further indications clearly implies trends in freshly placed orders, which are in the vicinity of the first half of 2011. Euro remains relatively insensitive to the above data and getting an appreciation rally across the board.

Let's now take a look at the EUR/USD technical picture in the H4 time frame. The market is approaching the technical resistance zone at the level of 1.1856 - 1.1880, which is the key for the future up move. The momentum oscillator is above its fifty level, so the test of the resistance is just a matter of time now. The nearest support is seen at the level of 1.1823.

Market Snapshot: USD/JPY hits the technical support

The price of USD/JPY has fallen out of the channel and has hit the technical support at the level of 111.06. This support zone between the levels of 111.06 - 110.61 is the key zone for the bulls and any breakout below this zone will directly expose the next support at the level of 109.84 for a test.

Market Snapshot: SPY made another all-time high

The price of SPY (SP500 EFT) is relentlessly going higher despite the overbought trading conditions. It just made another higher high at the level of 160.19 and keep trading above all of the moving averages. The nearest support is seen at the level of 259.36 (the gap up is between the levels of 259.36 - 258.31 and might be filled soon).