FxWirePro: EUR/USD bulls reclaim momentum in bid for 1.1700 level

• EUR/USD rose on Thursday as the dollar  dipped as traders were cautious ahead of key U.S. economic signals following President Trump’s signing of a bill to end the nation’s longest government shutdown..

• Markets will closely watch upcoming official data, as the prolonged shutdown left both the Federal Reserve and traders guessing about the economy’s health and dependent on private estimates..

• Recent data from payroll processor ADP showed private employers cut over 11,000 jobs per week through late October, while Indeed Hiring Lab reported a 16% year-on-year drop in retail job postings, highlighting ongoing weakness in the labor market.

• Several Federal Reserve officials voiced skepticism about another rate cut in December, leading investors to trim their bets. Markets will closely analyze additional remarks from policymakers throughout the day..

• Traders are currently pricing in an about 53% chance of a 25-basis-point rate cut in December, lower than last week's 70%, according to CME Group's FedWatch tool.

• Immediate resistance is located at 1.1689(Higher BB), any close above will push the pair towards 1.1723 ( 23.6%fib).

• Strong support is seen at 1.1575 (50%fib) and break below could take the pair towards 1.1478 (Lower BB).

  Recommendation: Good to buy around 1.1600 , with stop loss of 1.1520  and target price of 1.1700