EUR/USD: Macroeconomics on point

KEY GRAPHIC ELEMENTS

So far the euro has not benefited from good news but is not falling despite macroeconomic and geopolitical pressures. Neutrality remains. The Ifo business climate index published for Germany came out better than expected at 86.9 this month, compared to 85.8 in September, when economists expected stable data. Forex traders have a busy schedule today. Indeed, investors will have to consult macroeconomic data from 2:15 p.m. with the decision of the European Central Bank concerning its key interest rate. Investors expect the status quo. Then it is the American data which will take over with the publication of figures for orders for durable goods as well as the PCE Core index, followed by quarterly GDP and finally weekly unemployment claims. Investors will return to the old continent to listen to Christine Lagarde’s remarks at 2:45 p.m. Technically the European currency always moves between 1.08 and 1.04. We will monitor returns to 1.04 to open long positions again and we will be cautious near 1.08.

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 1.0693 USD.

DAILY DATA CHART