KEY GRAPHIC ELEMENTS
Forex traders keep their eyes glued to geopolitical developments in the Near and Middle East. Indeed, there will be little macroeconomic data today: we are only waiting for the Empire State manufacturing index from the New York Fed today at 2:30 p.m. French time. If the geopolitical situation were to deteriorate, the dollar would play its role as a safe haven, affecting the euro downwards. At this stage the market is almost certain that the Federal Reserve will maintain its key rates at its next meeting. However, the possibility of a 25 basis point hike at the December meeting increased from 24% a week ago to 33% following the latest inflation data published, which had negatively surprised traders. Technically the euro dollar continues to follow the scenario, established several days ago, namely that of the formation of a range in the 1.04 – 1.08 zone. We can therefore position ourselves for sale during rebounds and make opportunistic purchases as we approach recent lows.
MEDIUM TERM FORECAST
Considering the key graphical factors that we have mentioned, our opinion is neutral in the medium term on the Euro Dollar (EURUSD).
We will maintain this neutral opinion as long as Euro Dollar (EURUSD) prices are positioned between support at 1.0435 USD and resistance at 1.0550 USD.
News Bulletin 247 advice
DAILY DATA CHART
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