Forex Market: EUR/USD daily trading outlook

Yesterday’s trade saw EUR/USD within the range of 1.1084-1.1218. The pair closed at 1.1189, going up 0.40% on a daily basis. It has been the 14th gain in the past 26 trading days. The daily low has been the lowest level since February 4th, when a low of 1.1068 was registered.

At 7:13 GMT today EUR/USD was edging up 0.13% for the day to trade at 1.1203. The pair touched a daily high at 1.1238 at 3:25 GMT, overshooting the range resistance level (R3), and a daily low at 1.1185 during the early phase of the Asian trading session.

On Tuesday EUR/USD trading may be influenced by the following macroeconomic report listed below.

Fundamentals

United States

Job Openings

The number of job openings in the United States probably slowed down to 5.400 million in December from a month ago, according to the median forecast by experts. In November 5.431 million job openings were reported, or the highest level since September. This indicator refers to all job positions that are open, but not filled on the last business day of the month. Job openings are part of the Job Openings and Labor Turnover Survey (JOLTS), which gathers data from about 16 400 non-farm establishments including retailers and manufacturers, as well as federal, state, and local government entities in the 50 states and the District of Columbia. The survey assesses the unmet demand for labor in the labor market. A lower-than-projected level of job openings will usually have a limited bearish effect on the US dollar. The Bureau of Labor Statistics is to release the official report at 15:00 GMT.

Daily and Weekly Pivot Levels

By employing the Camarilla calculation method, the daily pivot levels for EUR/USD are presented as follows:

R1 – 1.1201
R2 – 1.1214
R3 (range resistance) – 1.1226
R4 (range breakout) – 1.1263

S1 – 1.1177
S2 – 1.1164
S3 (range support) – 1.1152
S4 (range breakout) – 1.1115

By using the traditional method of calculation, the weekly pivot levels for EUR/USD are presented as follows:

Central Pivot Point – 1.1072
R1 – 1.1333
R2 – 1.1506
R3 – 1.1767

S1 – 1.0899
S2 – 1.0638
S3 – 1.0465