The dollar took the place among the outsiders
EUR/USD rose to highs of 20 November on the next wave of the care market from the us currency. Not to say that the anti-grinbek played pinpoint any one factor.
Now in the main currency pair working set of drivers that is pushing it to the local peaks. In addition, this Friday’s block of statistics on the employment market in the United States. Investors, as usual, focused on the individual moments of release in this case on the NFP. The number of jobs in non-farm payrolls in November increased by only 155 thousand while the market waited growth of 198 thousand a Month earlier, the indicator rose to 237 thousand.
The unemployment rate in the U.S., however, in November remained at known benchmark of 3.7%. Average hourly earnings increased 0.2% m/m, which is quite modest. But in annual terms it grew by 3.1%, and this is very strong data.
The lack of “acute” phase of confrontation between the US and China in “trade wars” – even against the background of the incident with a top Manager of Huawei – reduces the market demand for the dollar as the asset of “safe Harbor”.
This week the Federal reserve of the USA. You should pay attention to the publication environment on inflation in November, as well as Friday’s reports on retail sales. The ECB on Thursday, December 13, will hold this year’s last meeting and will decide on the interest rate and monetary policy.
EURUSD pair still maintains the upward momentum. This movement is interpreted as a correction relative to the previous long decline. If we analyze the short-term technical picture of the pair on the 4 hour timeframe, you may notice that the quotes are approaching the upper boundary of the internal medium-term ascending channel – level resistance 1,1455. Its break will allow you to develop upward momentum to the main medium-term objective of correction – mark 1,1545.
In view of the foregoing should consider who expect a decrease. This can be implemented in the case of rebound from the resistance area 1,1455. But the supporting factor for the development of a local reduction there is a break of the support at 1,1405. The goal of reducing located on the line of support around the 1.1340 for.