• 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
