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EUR/USD turned lower once again on Tuesday, grappling with the 1.0500 handle as Fiber flubs a bullish run at 1.0600. Several EU-centric datapoints are releasing on Wednesday, but most of the figures are final prints that are unlikely to move markets, and most investors are pivoting to face US Nonfarm Payrolls (NFP) jobs data due at the end of the week.Pan-EU final Purchasing Managers Index (PMI) survey results for November will release early Wednesday, but the numbers are expected to stay the same. European Central Bank (ECB) President Christine Lagarde will also be making an appearance, and will testify before the Economic and Monetary Affairs Comittee before the European Parliament. Any market-moving announcements from the ECB are unlikely to materialize from the question period.US ADP Non-Farm Employment Change numbers are due on Wednesday, and are expected to swing lower to 150K from the previous 233K. Wednesday will also bring the Services component for ISM US Purchasing Managers Index (PMI) dropping onto investors during the day’s American trading session. US Services PMI activity survey results are expected to tick down to 55.5 in November, down from the previous month’s 56.0.Federal Reserve (Fed) Chair Jerome Powell is also expected to appear on Wednesday. The Fed head will answer audience questions during a moderated discussion hosted by the New York Times.
EUR/USD price forecast
EUR/USD is stuck in the dumps near 1.0500 after a bullish recovery fizzled. Fiber only managed to squeeze out a single green weekly candlestick after hitting multi-year lows near 1.0330. The 50-day and 200-day Exponential Moving Averages (EMA) have confirmed a bearish cross, with the 50-day EMA accelerating downward into 1.0700 as the 200-day EMA prices in a firm ceiling near 1.0840.
EUR/USD daily chart
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