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02.12.2021: How USD may resume rising? Outlook for EUR/USD and GBP/USD

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ความคิดเห็น
The currency market remains stagnant ahead of the publication of a bulk of important information that may shape the market sentiment.
The eurozone unemployment rate will hardly attract market participants since it may remain unchanged. Meanwhile, the producer price index data is of greater importance. The producer price growth may accelerate to 18.3% from 16.0% in the previous period. It means that the eurozone inflation is likely to rise too. Notably, the European Central Bank is still considering its approach towards the current situation. It has already confused market participants by its unclear hints. Thus, the possibility of a further increase in inflation may disappoint traders.
In fact, the PPI data is likely to determine the market sentiment since the unemployment claims figures are expected to be mixed. On the one hand, the number of first-time claims may climb by 46 thousand, thus discouraging traders. On the other hand, the number of continuing claims may drop by 49 thousand. In other words, the reports will offset each other. That is why investors are likely to pay zero attention to it.
Let us take a look at the trading charts.
Yesterday, the euro/dollar pair was in slight demand, which allowed it to broaden the limits of the already existing range up to 1.1300 and 1.1355.
The range remains intact. That is why traders may apply the strategy based on the outgoing impulse. Traders are likely to receive a signal after the price fixes beyond the limits of the range on the four-hour chart (1.1300/1.1355).
The pound/dollar pair once again dropped from the resistance level of 1.3350, thus boosting the volume of short positions. As a result, the price fixed below 1.3290, thus proving the bearish market sentiment.
On the daily chart, the pound sterling is gradually falling. In the last six months, the currency has significantly depreciated.
If the price fixes below 1.3290 on the four-hour chart, it is highly likely to slide The alternative scenario will become possible if the price resumes hovering within the sideways channel between 1.3290 and 1.3350.

00:00 Forex market awaiting data
00:11 Producer price index in the Eurozone and what it will affect
00:54 Expected data on applications for unemployment benefits in the US
01:27 EUR / USD
02:00 GBP / USD


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