The single currency of the European Union region fluctuated in a tight range against the US dollar on the brink of developments and economic data expected Thursday by the largest euro area economies Germany and the US economy, the world's largest economy.
At 05:30 GMT, the EURUSD rose 0.05% to 1.1350, compared to the opening at 1.1344, after reaching a high of 1.1353, while reaching a low of 1.1339.
The markets are currently looking for the German economy, the euro zone's largest economy, to reveal the factory demand index, which may reflect a 0.4% drop from 0.3% in September. The annualized unadjusted annual reading for the same index may show a widening of the decline to 3.1% versus 2.2%. In the previous annual reading for September.
On the other hand, Federal Open Market Committee member Randall Quarles followed the opening remarks at the Stanford University Economic Seminar in California, as investors awaited the release of US labor market data as the private sector employment index to about 195 thousand added jobs compared to 227 thousand jobs added last October.
This comes before the final reading of the productivity index and the cost of one work, which may show accelerated productivity growth to 2.3% compared to 2.2% in the previous preliminary reading of the third quarter, compared to 0.9% growth in the second quarter and slowing the cost growth to 1.1% compared to 1.2% , In conjunction with the release of the trade balance index which may show a widening deficit to $ 55.2 billion versus $ 54.0 billion in September,
In conjunction with the reading of the index of claims for the week ending in early December, which may reflect a decrease of 8 thousand requests to 226 thousand requests in the previous weekly reading, as may appear reading the index of continuing claims for the week of November 24, Last November, down 15K to 1,695K versus 1,710K last week.
Leading to the final reading of the index of the Institute of Supply Services by Markit from the United States, which may reflect the stability of the breadth at 54.4 compared to 54.8 in October, before the disclosure of the index of the Institute of Supply Service, which may also show a contraction of the breadth to 59.1 compared to 60.3 in October October, and we would like to point out that service delivery is important in that the service sector in America represents more than two thirds of GDP, which is expected to drop 1.9% from September's + 0.7%, before Federal Reserve Chairman and Federal Reserve Chairman Rafael Postk talks about the domestic economy in Georgia's economic forecast series in Atlanta, Look for any hints about the future tightening of monetary policy by monetary policy makers in the Federal Reserve.
Technical analysis:
The EUR/USD pair did not show any strong movement yesterday, to keep moving around the 1.1330 level, and since the price is below 1.1443, our bearish outlook remains valid for today, supported by the negative sign from Stochastic now,
The price is moving around the moving averages 7-20 together, which are a strong resistance to the price while the SMA 50 is still around to the resistance level of 1.1443
Waiting for targeting 1.1300 and 1.1181 which represent our next major stops.
The trading range for today is expected among 1.1240 support and 1.1400 resistance.
Support and resistance:
Support: 1.1341-1.1294-1.1210;
Resistance: 1.1386-1.1443-1.1500.
The general trend for today is bearish.