The single currency of the European Union region fluctuated in a tight range slipping into the Asian session to see its rebound to its second highest session since November 7 against the US dollar on developments and economic data expected Friday by the Eurozone economies and the US economy. In the world.
At 5:20 am GMT, the EURUSD dropped 0.01% to 1.1445 compared to the opening at 1.1446 after the pair reached a low of 1.1442 and a high of 1.1462.
The markets are looking for a statistical reading from the German consumer confidence index, which may reflect a contraction of 10.3 to 10.4 in December before the French economy, the second-largest economy in the euro zone, releases consumer spending readings that may show stability at levels Up from 0.8% in October.
On the other hand, investors are looking for the US economy to reveal several important economic data that may reflect the stability of the largest economy in the world at 3.5% in the third quarter, according to the final reading of GDP, unchanged from the previous preliminary reading, compared to growth of 4.2% In the second quarter. The same price index may also show a stable growth of 1.7% versus 3.0% in the second quarter.
This comes in conjunction with the release of the Durable Goods Orders, which account for about half of consumer spending, which accounts for more than two-thirds of US gross domestic product, which could reflect a 1.6% rise from a 4.3% fall in October, The same index accelerated to 0.3% versus 0.2% in October.
Markets are also looking to release spending and personal income data, which may reflect a slowdown in personal spending growth to 0.3% from 0.6% in October, and personal income growth slowing to 0.3% vs. 0.5% in October, Personal consumption dampening accelerated growth to 0.2% from 0.1% in October.
Technical Analysis
The EURUSD finished yesterday's trading at the pivotal level of 1.1443, which keeps us neutral until the price confirms its position at this level and then clearly identifies its next destination, noting that the contrast between positive move above SMA 50 and stochastic negativity Another reason for neutrality.
Stability above 1.1443 will push the pair higher and achieve positive targets from 1.1550 to 1.1705, while stability below will bring us back to the downside targeting 1.1300 initially.
The trading range for today is expected among 1.1330 support and 1.1550 resistance
Support and resistance:
Support: 1.1386-1.1341-1.1300
Resistance: 1.1443-1.1500-1.1550
The expected general trend for today: neutral