According to yesterday's analysis, on Friday we can get another package of data that will support the dollar. I refer to consumer in Spain and Germany. These are not figures of the caliber of Thursday's readings from the US, but in my opinion it is worth going to look at them. Friday's readings may be weaker because of the falling prices of raw materials. In the event of deflation, the European will be forced to further action.
In the second part of the day we will see a series of US data. Investors will pay indicators of (PCE and core PCE), which are used by the Fed to create forecasts. It will also look at the data relating to personal expenses and the index of consumer sentiment University of Michigan final.
The outlook for EUR / USD:
After reaching at least on the level of 1.1202, we can see a small rebound, which in my opinion should not exceed the at 1,1277-82. Then the voice should reach the supply side. The signal to stronger declines will be weaker data from Europe and better readings from the US. In this case, the first should be directed toward Thursday low at 1.1202 and then further object should be support at 1.1179 (76.8% Fibonacci growth of 1,1016-1,1712). Maximum range for supply in Friday's session seems to be a zone at levels 1,1113-28 support levels (peaks in late July). At the end of the day may be profit-taking due to the closure of part of the position before the weekend.
In an alternative version Friday's data will support the euro , which will demand for a stronger rebound past declines. In this case, demand should overcome resistance at 1,1277-82 and head for higher price levels.