The single currency of the European Union region fluctuated in a narrow upward range to see its fifth session retreat from its lowest level since 22 January 2017 against the US dollar on the eve of economic developments and data expected Friday by the Euro-Zone economies and the US economy, which include European Central Bank Governor Mario Draghi spoke at the Frankfurt European Banking Conference.
At 5:31 am GMT, the EURUSD rose 0.10% to 1.1339, compared to the opening at 1.1328, after reaching a high of 1.1343, while reaching a low of 1.1322.
The markets are looking for the largest economies in the euro-zone Germany to release the wholesale price index, which may reflect a slowdown in growth to 0.2% from 0.4% last September, before we see the final annual reading of the consumer price index for the whole euro zone which may reflect acceleration Growth to 2.2% compared to the previous preliminary reading for October and the previous annual reading for the month of September 2.1%.
In the same context, the core final annual reading of the consumer price index for the euro zone as a whole may reflect a steady pace of growth of 1.1%, unchanged from the previous October preliminary reading and 0.9% in the previous annual reading for September , Leading to German central bank governor Jean Wiedmann at the Frankfurt European Banking Conference.
On the other hand, investors are looking ahead to the US economy, the world's largest industrial nation, to release industrial data for the month of October with the release of the Industrial Production Index, which may reflect a slowdown in growth to 0.2% versus 0.3% in September, The energy utilization rate, which may indicate a rapid growth rate to 78.1% compared with 78.3% in September.
Technical Analysis:
The EUR / USD pair has kept its daily close above 1.1300, to continue the bullishness over intraday and short term, motivation by Stochastics’ positive cross, and awaiting a visit to 1.1443 which is our next main target.
The pair is trading above the 50 SMA which is probably to push the price towards the next target, provided stability above 1.1300 and the ideal arrangement for the moving averages is 7-20-50, respectively below the price level
Recall that the break of 1.1300 and stability below it will press the price to achieve negative targets starting at 1.1181.
The trading range for today is expected among the key support at 1.1250 and resistance at 1.1440
Support and resistance:
Support: 1.1330-1.1300-1.1250
Resistance: 1.1370-1.1400-1.1450
The general trend for today is bullish