EUR analysis 03.12.2019

The single currency fluctuated in a narrow range against the US dollar during the Asian session to rebound for the second session from its highest since November 21, when it tested its highest since the fifth of the same month against the US dollar on the eve of developments and economic data expected on Tuesday before Eurozone economies amidst tight economic data by the largest US economy in the world.

At 05:46 am GMT, EUR / USD fell 0.05% to 1.1074 levels from opening levels at 1.1079 after the pair reached a session low of 1.1071, while hitting a high of 1.1083.

Markets are looking ahead to the release of last month's treasury budget from France, the second largest economy in the euro zone, before Spain, the fourth largest economy in the region, releases the Unemployment Change, which may reflect slower growth to 75.2K versus 97.9K in October. Last October, the release of inflation data for the economies of the whole region with the release of the producer price index, which is a preliminary indicator of inflationary pressures that may show stability at zero levels versus 0.1% growth last September.

Technical Analysis

The EURUSD ended yesterday's trading above 1.1065, which stops the suggested negative scenario in our recent reports and leads the price to return to the bullish path again, on its way to achieve gains starting at 1.1105 and then 1.1180.

Therefore, the bullish trend is likely in the coming sessions supported by SMA 50, unless 1.1065 is broken and remains below it again.

Expected trading range for today is between 1.1000 support and 1.1160 resistance.

Expected trend for today: Bullish.