The currency pair has registered some losses in the morning also because the Us dollar index is struggling to rebound on the short term, the index has posted humble gains, but remains under selling pressure, could drop again anytime. The EUR/USD has increased significantly in this week and has managed to reach and important static resistance, which has stopped the bullish momentum for now. The rate has decreased a little also because the Euro-zone economic figures have disappointed earlier, we’ll see how the rate will react after the United States will release the economic numbers, probably we’ll have some volatility in the US trading session.
The Euro wasn’t inspired by the poor data as the Spanish Services PMI has slipped from 54.7 to 54.6 points, even if the specialists have forecasted an increase to 55.2 points, while the Italian Services PMI has increased from 50.7 to 51.0, but unfortunately has come below the 51.6 estimate. The French Final Services PMI has declined from 52.1 t 51.4 points, signaling that the expansion has slowed down significantly, the Euro-zone Final Services PMI has disappointed as well, the indicator has dropped from 53.5 to 52.8 points, even if the indicator was expected to remain steady at 53.5 points.
The only positive data have come in from Germany, the Final Services PMI rose from 54.1 to 54.2, beating the 54.1 forecast.
The United States economic data is expected to bring life on the currency market, the Unemployment Rate could drop from 5.0% to 4.9% in October, could reach the 4.9% level again after just one month increase. The main event could be the Non-Farm Employment Change indicator, which could increase to 174K jobs in October, could come better than the 156K since September. Moreover the Average Hourly Earnings could increase by 0.3% in October, more versus the 0.2% growth since September.
The United States trade deficit may decrease today from 40.7B to 37.5B and could boost the US dollar, which could redeem ground in the afternoon.

EURUSDd-1

The rate has decreased a little after the failure to break above the 1.1123 static resistance, the price has also failed to close right on this level and now has decreased a little. Personally, I’m still waiting for the price to challenge the confluence area formed at the intersection between the short descending sliding line with the 1.1123 static resistance, we’ll have a larger increase only if the price will jump and will stabilize above this level, but another rejection will send the rate tumbling, the downside target remains at the first warning line (WL1) of the ascending pitchfork and at the previous low from 1.0850 level.

EURUSDh-1

The rate is consolidating the latest gain right blow the mentioned confluence area, the support is now at the upper median line (uml) of the descending pitchfork, could retest this level before will increase further. We’l be better if you’ll keep an eye on the economic calendar today because the fundamental factors will take the lead, remains to see in which direction will move the rate.

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