EURUSD Analysis 04.12.2018

The single currency of the European Union region rose during the Asian session to see its fourth session retreat in five sessions since November 14 against the US dollar following talks by Federal Reserve Governor Jerome Powell and a member of the Federal Committee for Leil Brenner in Washington, Economic developments and data expected Tuesday by the euro-zone economies and the expected talk of a member of the Federal Commission and the head of New York's New York Fed John Williams in New York.

The pair rose 0.21% to 1.1378 compared to the opening at 1.1354 after the pair reached a high of 1.1382 and a low of 1.1350.

The markets are looking for France's second-largest economy to unveil the French government's October budget reading before the Spanish economy, the fourth-largest economy in the eurozone, saw a reading of the Unemployment Change Index, which may reflect a drop to 34.2K Compared with 52.2 thousand in October.

To reveal inflation data for the euro zone as a whole with the reading of the producer price index, which is a preliminary index of inflationary pressures, which may show a stable growth of 0.5%, unchanged from the previous September, as may show the annual reading of the same PPI Stable growth at 4.5%, coinciding with the launch of the meetings of the Ministers of Finance of the euro area ECOFIN in Brussels.

On the other hand, Fed Governor and member of the Federal Commission Bernard have been following in the celebration of excellence in community development and the inaugural opening of the Federal Reserve, Janet Yellin, for excellence in community development. Otherwise, Federal Committee John Williams on domestic employment and workforce trends in the New York Federal Reserve.

Technical analysis:

The EUR/USD pair has been trading sideways since yesterday and remains stable below the 1.1400 mark, noting that Stochastic is close to providing a negative cross signal on the daily basis, waiting for the price to resume the expected bearish intraday and short-term targeting levels 1.1300 and 1.1181 mainly.

Recall that the break of 1.1443 will stop the suggested negative scenario and lead the price for gains starting at 1.1550 then 1.1705.

The trading range for today is expected among 1.1270 support and 1.1440 support.

Support and resistance:

Support: 1.1341-1.1294-1.1210;

Resistance: 1.1386-1.1443-1.1500.

The general trend for today is bearish.