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Christine Lagarde, president of the ECB will give her speech in about 4 hours at 12:00 pm (New York time) will probably reiterate her promise to expand the bond purchase program. In her previous speech, the euro responded positively to the printing of new euros, seeing it as a way to allow governments to boost economies.
Jerome Powell, Chairman of the Federal Reserve, will give a speech at 10:00 am (New York time) and will urge lawmakers to provide fiscal stimulus. Powell previously expressed concern about the next few months before a vaccine becomes available. And also about buying more bonds. Undoubtedly this data will be able to boost the USDX and if the data are positive, weaken the Euro.
On the technical level in 1 hour charts, we noticed that yesterday EUR/USD hovered around the 1.2002 psychological level, but could not sustain above this level, and then we saw a strong correction to the support of 1.1915.
At this time, the American session is trading above the (21-day EMA) and above the 4/8 of murray; very cautiously ahead of the speeches of the FED and ECB policymakers. If it remains above 1.1940 / 1.1960, there is likely to be upward force to the 1.20 and 1.2023 zone (5/8 of murray).
On the other hand, a break below the uptrend channel that intersects at 1.1930 could give it bearish momentum, and we could expect a drop to the 1.1901 (200 EMA) and 1.1840 (2/8 Murray) zone.
Our recommendation is to sell below 1.1930, you should wait for the fundamental data to be released to take a position according to the trend. Below we leave the forecast for today and tomorrow.
Trading tip for EUR/USD for December 01 - 02
Sell if the pair breaks below 1.1930 with take profit at 1.1901 (3/8 murray /EMA 200) and 1.1840, and stop loss above 1.1965.
Buy if the pair rebound around (EMA 21) at 1.1940/60 with take profit at 1.1995 and 1.2023 and stop loss below 1.1901.
Sell if the pair breakout 1.1901, with take profit at 1.1840 and stop loss above 1.1940.
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