The Euro has remained within the same range for days now and hasn’t been able break into a downward or upward trend. So, it’s clearly neutral, and it seems that it’s building a base for itself and these levels will be obsolete soon.
From a technical perspective, the euro might remain at a critical level as long as it is moving around the major support at 1.2400, and it might test the previous week’s low of 1.2356.
Here are the major Resistance (R) & Support (S) levels of the EUR/USD:
S2 S1 Pivot Point R1 R2
1.2280 1.2356 1.2440 1.2495 1.2573
Today, data will be released which are normally expected to have a minor impact, although they might determine the trend in the next few days. Starting with China, the Industrial Production announcement will be released; measuring the change in the total inflation-adjusted value of the output produced by manufacturers, mines and utilities.
- Forecast: 8.0%
- Previous: 8.0%
A higher than expected reading should be taken as positive for the CNY, while a lower than expected reading should be taken as negative for the CNY.
Moving to the U.S., a survey compiled by the U.S. Bureau of Labor Statistics is scheduled for release; measuring the job vacancies volume. It collects data from employers about their businesses’ employment, job openings, recruitment, hires and separations.
The JOLTS defines the job openings of all opened (not filled) positions on the last business day of the month. A job is “open” only if it meets all three of the following conditions:
A specific position that exists and there is work available for that position.
The job could start within 30 days, whether the establishment finds a suitable candidate during that time or not.
There is active recruiting for workers from outside the firm that has the opening job.
- Forecast: 4.850 M
- Previous: 4.835 M
A reading that is stronger than forecast is generally positive (bullish) for the USD, while a reading that is weaker than forecast is generally negative (bearish) for the USD.
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