EURUSD analysis

The single currency, the euro, fluctuated in a narrow range sloping upward during the Asian session, to witness its rebound from its high since August 21 against the US dollar amid scarcity of economic data by the eurozone economies and on the cusp of economic developments and data expected today, Wednesday, by the US economy. A world economy and market pricing amid escalating tensions between the UK and the European Union.

At 06:38 AM GMT, the euro pair rose against the US dollar by 0.03% to 1.1781 levels, compared to opening levels at 1.1777, after the pair achieved its highest level during the session's trading at 1.1783, while it achieved its lowest level in three weeks at 1.1757.

Investors are currently awaiting the American economy to release a statistical reading of employment opportunities and job turnover, which may reflect an increase to about 6.05 million compared to about 5.89 million last June, and this comes in the wake of labor market data at the end of last week, the decline in unemployment rates to 8.4%, compared to 10.2% last July, beating expectations for a decline to 9.8%.

In the same context, last Friday's reading of the employment change index for sectors other than agricultural showed about 1,371,000 jobs added compared to 1,734,000 added jobs, which was revised from about 1,763,000 jobs added in July, while the average hourly income index reading reflected an acceleration Growth to 0.4% versus 0.1%, contrary to expectations that indicated stability at zero levels.

Technical analysis

The euro against the dollar broke the level of 1.1785 and closed the daily candle below it, to activate the bearish trend scenario in the intraday and short term, confirming the start of a downside correction for the bullish wave that started from 1.0775 up to 1.2011, noting that the first corrective level is at 1.1720, which represents It was broken by the key of the trend towards the next corrective level that reaches 1.1540.

Thus, the bearish bias will be expected in the upcoming sessions, unless the price pushes to breach 1.1825 level and build above it.

The expected trading range for today is between 1.1680 support and 1.1825 resistance.

The expected general trend for today: Bearish.