EURUSD week 42 analysis
🌐Fundamental Analysis
EUR/USD consolidated near 1.0930 in New York trading on Friday. The major currency traded sideways as the US Dollar (USD) remained flat despite the release of US Producer Price Index (PPI) data showing that producer inflation accelerated faster than expected in September compared to a year earlier. The US Dollar Index (DXY), which tracks the greenback against six major currencies, hovered around 103.00.
Higher-than-expected US producer inflation following stubborn inflation data has raised the risk of persistent inflation. However, according to CME's FedWatch tool, this is unlikely to affect market expectations that the Federal Reserve will cut interest rates by 25 basis points (bps) in November. In contrast, Atlanta Federal Reserve Bank President Raphael Bostic has suggested keeping interest rates unchanged at 4.75%-5.00% in November.
🕯Technical Analysis
EURUSD's bearish wave has not stopped yet as the pair's DOW waves have not yet shown strength. The strong reaction at 1.090 has established this area as an important support area for the pair next week. The upper limit in front of us is the peak area of 1.0980. The widest trading range that the pair will operate next week is around the support area of the previous month's bottom around 1.080 and the disputed resistance area of 1.104. The SELL point coincides with Fibonacci and EMA so we can put our trust in trend SELL orders.
📈📉Trading Signals
BUY EURUSD 1.080-1.078 Stoploss 1.076
SELL EURUSD 1.104-1.106 Stoploss 1.108
EUR/USD consolidated near 1.0930 in New York trading on Friday. The major currency traded sideways as the US Dollar (USD) remained flat despite the release of US Producer Price Index (PPI) data showing that producer inflation accelerated faster than expected in September compared to a year earlier. The US Dollar Index (DXY), which tracks the greenback against six major currencies, hovered around 103.00.
Higher-than-expected US producer inflation following stubborn inflation data has raised the risk of persistent inflation. However, according to CME's FedWatch tool, this is unlikely to affect market expectations that the Federal Reserve will cut interest rates by 25 basis points (bps) in November. In contrast, Atlanta Federal Reserve Bank President Raphael Bostic has suggested keeping interest rates unchanged at 4.75%-5.00% in November.
🕯Technical Analysis
EURUSD's bearish wave has not stopped yet as the pair's DOW waves have not yet shown strength. The strong reaction at 1.090 has established this area as an important support area for the pair next week. The upper limit in front of us is the peak area of 1.0980. The widest trading range that the pair will operate next week is around the support area of the previous month's bottom around 1.080 and the disputed resistance area of 1.104. The SELL point coincides with Fibonacci and EMA so we can put our trust in trend SELL orders.
📈📉Trading Signals
BUY EURUSD 1.080-1.078 Stoploss 1.076
SELL EURUSD 1.104-1.106 Stoploss 1.108
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