The single currency, the euro, fluctuated in a narrow, rising range during the Asian session, to witness its rebound to the fourth session in five sessions from the lowest since July 24 against the US dollar on the cusp of economic developments and data expected today, Tuesday, by the economies of the euro area and the US economy, the largest economy in The world which includes the speech of the members of the Federal Open Market Committee
At exactly 06:37 AM GMT, the euro pair rose against the US dollar by 0.19% to 1.1835 levels compared to the opening levels at 1.1813, after the pair achieved its highest level during the session's trading at 1.1838, while it reached its lowest level at 1.1807.
The markets are looking forward to France, the second largest economy in the euro area, the release of the industrial production index reading, which may reflect a slowdown in the pace of growth to 0.8% compared to 1.3% last August, before we see Italy, the third largest economy in the region, the release of the index reading itself, which may It shows a 1.9% decline, compared to a 7.7% rise in August.
This comes before we witness by the economies of the euro area as a whole the disclosure of the statistics of the ZEW index of confidence in the economy, which may indicate a contraction to a value of 43.3 compared to an expansion of 52.3 in the previous reading of last October, as the reading of the ZEW confidence index may show In the economy of Germany, the largest economy in the eurozone, shrank to a value of 45.0, compared to a widening of 56.1 in October.
Otherwise, we followed the report that touched on the fact that the European Union intends to impose tariffs on the United States of $ 4 billion this week, in the wake of the World Trade Organization ruling on the American company Boeing, especially that the European Trade Commissioner has repeatedly called on the United States in advance to stop the restrictions It imposed recently on European trade, especially European aircraft.
In another context, we followed yesterday the chief European commissioner in the file of Brexit from the European Union, Michel Barnier, through his official account on Twitter, that the European Union and Britain are doubling their efforts to reach an agreement on the future partnership between Brussels and London, and this came amid the market's aspiration for any developments. On the reshaping of future relations between the European Union and Britain in the wake of the recent Brexit.
On the other hand, investors are currently awaiting the American economy for the release of a statistical reading of employment opportunities and job turnover, which may reflect an increase to about 6.50 million compared to about 6.49 million in August, and this comes in the wake of the labor market data showed at the end of last week, the decline in rates Unemployment reached 6.9%, compared to 7.9% in September, beating expectations for a decline to 7.7%.
In the same context, last Friday's reading of the employment change index for sectors other than agricultural showed about 638,000 jobs added compared to 672,000 added jobs, which was revised from about 661,000 jobs added in September, while the average hourly income index reading reflected the growth of 0.1% versus zero levels in September, contrary to expectations for 0.2% growth.
Down to the Fed's Deputy Governor and Federal Open Market Committee member Randall Quarles testifying about overseeing the Securities and Exchange Commission before the Senate Banking Committee in Washington, before we witness his counterpart, Deputy Governor of the Federal Reserve and Federal Committee member Lyle Brainard, on the Community Reinvestment Act. At an online event hosted by the National Congress of the Amerindians.
Technical analysis
The EUR / USD pair opens today's trading with a bullish bias after the strong decline it witnessed yesterday, as it bounces up from the support areas of the intraday ascending channel that appears in the image, which supports the continuation of the main bullish trend scenario, which mainly targets 1.2011 areas.
The stochastic oscillator is showing positive signs that support the expected rise, which will remain valid as long as the stability is above 1.1790, and the most important above 1.1720.
The expected trading range for today is between 1.1760 support and 1.1940 resistance.
The expected general trend for today: Bullish.