The single currency of the European Union region rose to its lowest level since January 22, 2017 against the US dollar and following Fed Governor Jerome Powell's speech in Dallas and on the eve of economic developments and data expected Thursday by the economies of the region The euro and the US economy, which include another speech to Paul in Dallas and the talk of the Federal Committee members, are Governor of the Federal Randall Quarles in Washington and President of the Federal Reserve Bank Rafael Postek in Madrid.
At 04:55 GMT, the EURUSD rose 0.25% to 1.1338 compared to the opening at 1.1310, after reaching a high of 1.1339, while reaching a low of 1.1308.
The markets are currently looking for Eurozone economies as a whole to unveil a seasonally adjusted trade balance index, which could reflect a contraction of the surplus to 16.4 billion euros from 16.6 billion euros last August. Investors are looking for developments in Britain's exit from the European Union In the wake of the negotiators of the parties reached a draft agreement and the approval of the British Council of Ministers yesterday.
Otherwise, investors are looking ahead to the US economy to reveal the reading of retail sales, which account for about half of consumer spending, which accounts for more than two-thirds of the gross domestic product of the United States, the world's largest economy, which may reflect accelerated growth to 0.6% from 0.1% in September, While the core reading of the Retail Sales Index may show a 0.5% rise versus a 0.6% drop in September.
In conjunction with the reading of the index of claims for the week ending on November 10, which may reflect a decrease of 1 thousand to 213 thousand applications compared to 214 thousand requests in the previous weekly reading, and the disclosure of the readings of industrial purchasing managers of Philadelphia and New York, which may Showed a contraction in breadth over the past month as Philadelphia expanded to 20.1 versus 22.2 in New York and to 19.9 from 21.1.
To the forthcoming speech by Federal Reserve Governor Jerome Powell again at the event hosted by the Dallas Dallas Reserve Bank on Hurricane Recovery efforts before we see Federal Reserve Chairman and Fed Chairman Rafael Postk talking about monetary policy at the Center Takaful International in the Spanish capital Madrid
Technical analysis:
The EURUSD closed yesterday's trading above 1.1300, leading the pair to a bullish intraday trend, targeting 1.1443 in the coming sessions, supported by the positive sign from Stochastic.
Thus, the bullish trend will be likely for today unless the 1.1300 level is broken and stability below it again.
The trading range for today is expected among the key support at 1.1250 and resistance at 1.1440.
Support and resistance:
Support: 1.1300-1.1250-1.12150;
Resistance: 1.1330-1.1357-1.1400.
The general trend for today is bullish.