The euro witnessed a rebound against the dollar after closing yesterday’s session in favor of the dollar due to the improvement that the dollar witnessed in the economic data issued by the United States of America. Still, the euro rebounded today against the dollar awaiting important American data represented by economic growth for the third quarter and initial unemployment claims, in addition to the Philadelphia Federal Reserve index of manufacturing in the United States. 

As for the euro, European Central Bank President Christine Lagarde said last week: The time has not yet come to talk about lowering interest rates, explaining that despite the slowdown in inflation, there is a measure that has not decreased sufficiently and is moving stably, which is “household inflation,” which is not moving. Satisfactorily, these statements supported the euro coinciding with the current pressures on the dollar.

As for the dollar, there are important economic data expected today that will play a role in the dollar’s movement in light of the pressures and volatility it is facing at present, as the Philadelphia Federal Reserve manufacturing index in the United States will reflect positively if it records higher levels than expected, in contrast to initial unemployment claims, which will affect negatively if recorded higher than expected numbers.

Coming to the technical indicators, trading takes place sideways for the period represented by four hours above the moving average, in addition to the Relative Strength Index, which moves above the fifty level, with the MACD also moving above zero levels, with the possibility of continuing the upward movement unless the price drops to 1.09013, as the pair’s movement may be reversed.

*All data provided is intended for educational or informational purposes only and should not be considered investment advice.