EURUSD Analysis 03.12.2018

The single currency of the European Union region surged to the euro during the Asian session to see its rebound to a third session in four sessions from its lowest since November 14 against the US dollar on the eve of developments and economic data expected Monday by the economies of the euro area and the US economy the world's largest economy Which includes a discussion of members of the Federal Open Market Committee in New York.

The pair rose 0.42% to 1.1365, compared with the opening at 1.1330, after reaching the highest level at 1.1369, while the lowest level at 1.1326. The pair ended the trading session Last week at 1.1317 and opened this week on a bullish gap.

Markets are looking to release the Industrial PMI from Spain, the fourth-largest economy in the euro zone, which could reflect a contraction of 51.5 versus 51.4 in October and the same indicator for Italy, the third-largest economy, reflecting a contraction of 48.9 versus 49.2 in October.

This comes ahead of the final reading of the Markt industrial PMI for France and Germany last month, which may reflect stability at 50.7 in France, 51.2 in October, 51.6 in Germany and 52.2 in October, The Markt Industrial PMI for the whole euro zone is stable at 51.5 versus 52.0 in October.

On the other hand, investors are currently waiting for what Federal Reserve Governor Richard Clareda will say in an interview with Bloomberg News & Broadcast prior to Federal Reserve Deputy Governor Randall Quarles on Economic Outlook and Monetary Policy at the Council on Foreign Relations in New York .

Before another Federal Open Market Committee member, Federal Reserve Bank of New York Chairman John Williams, took stock of the opening remarks at the US Treasury Bank's Structural Development Conference hosted by the Bank of New York, leading to the final reading of Markit's PMI by month Which may reflect the widening stability at 55.4 and 55.4 in October.

In the same context, the index of the Industrial Supply Institute (ISI) for the past month may reflect a contraction of 57.5 versus 57.7 in October, and the index itself may show a price index of 70.1 versus 71.6, Which could reflect a 0.4% rise versus stability at zero levels in September.

To Federal Reserve Vice Governor Lyle Bernhard at the Structural Development Conference of the US Treasury, just hours before Fed Chairman Jerome Powell told the Joint Economic Committee of Congress on Wednesday about the economic outlook in Washington. The economy and rural America in the annual event of the Housing Assistance Council also in Washington.

Technical analysis:

EUR / USD fluctuates around the 1.1350 level. Stochastic is gradually losing its positive direction towards the overbought areas, while the pair is waiting to stimulate the resumption of the expected bearishness over the short and short term, whose targets start above 1.1300 to open the way towards the 1.1181.

We note that stability below 1.1443 is important for the continuation of the expected decline, as breaching it will lead the price to target the levels of 1.1550 then 1.1705 initially.

The trading range for today is expected among the 1.1250 support and 1.1400 resistance.

Support and resistance:

Support: 1.1341-1.2942-1.1210;

Resistance: 1.1386-1.1443-1.1500.

The general trend for today is bearish.