- SWFX market sentiment is 53% bullish
- Trader pending orders are 63% to sell
- Pair opened Thursday's session at 1.0580
- Upcoming Events: ECB Monetary Policy Meeting Accounts; US Unemployment Claims; FOMC Member Evans Speaks; FOMC Member Harker Speaks
The number of job openings in the United States was little changed in November, according to the latest data released on Tuesday. The Bureau of Labor Statistics reported monthly job openings dropped to 5.52 million during the reported month, missing analysts' expectations of 5.59 million. Meanwhile, October's level was revised down to 5.45 million from 5.53 million. The JOLTS report is closely followed by the Federal Reserve Chair Janet Yellen. Jobs in local government, excluding education, climbed to more than 32,000, whereas private job openings overshoot government hires by 48,000. Over the month, hires and separations were also little changed at 5.2 million and 5.0 million, respectively, while the layoffs and discharges rate remained unchanged at 1.1% during the eleventh month of the year.
Other data released Tuesday showed US wholesale inventories rose to a seasonally adjusted annual rate of 1.0% in November from 0.9% in the previous month. This marked the largest increase since November 2014.
Upcoming fundamental releases: Central banks and unemployment
Today first news will come from the ECB, as at 12:30 GMT the central bank is set to publish the ECB Monetary Policy Meeting Accounts or simply called ECB minutes. These accounts will give insight into the future policies of the ECB. The strength of the US Dollar during today's trading session will be influenced by fundamental data and speeches at 13:30 GMT. The US Unemployment Claims number is the one to most likely influence the strength of the Buck the most. In addition, the US Import Prices might also give a surprise. Moreover, two FOMC members are set to speak publicly during that time, as Evans and Harker will speak to the public.
EUR/USD once more at trend line
Daily Chart: The Euro is back at the upper trend line of the medium term ascending channel against the US Dollar on Thursday. The jump was caused by Donald Trump's speech, in which he did not concentrate much on fiscal policy, but rather other topics. That caused the US Dollar to fall. Although, as that happened in the borders of the pattern, a depreciation of the Euro against the Greenback is still expected. The rate is most likely set to retreat back to the monthly PP at 1.0580 by the end of the day's trading session.Daily chart
Hourly chart: The hourly chart reveals that the upper trend line of the medium term ascending channel is strengthened by the weekly R1, which is located at 1.0654. Due to that it is even more likely that the rate will bounce off the combined resistance and being a retreat. However, there is one additional piece of information on the hourly chart that needs to be taken into account. The 20-hour SMA, which is located at 1.0596 is set to hinder the fall of the Euro against the US Dollar.
Hourly chart
Traders return to bullishness
SWFX traders returned to being bullish on the pair, as 53% of open positions were long on Thursday. Meanwhile, 63% of trader set up orders were to sell the Euro.
OANDA traders remain almost neutral, as 50.28% of open EUR/USD positions were long on Thursday. Meanwhile, SAXO bank traders increased their bearish outlook, as 61.07% of open positions were short, compared to 59.36% previously.