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The Euro/Dollar currency pair was quietly consolidating around $1.0670 at midday, ahead of a speech by J Powell. The powerful Fed Chairman is scheduled to deliver a keynote speech at the Division of Research and Statistics Centennial Conference in Washington, DC. The opportunity to find out more about the Institution’s intentions even though bond yields fell significantly at the end of last week, in particular thanks to the publication of the report on private employment.

This NFP (Non Farm Payrolls) report, combined with the confirmation of a slowdown in activity in services, contributed to a decline in the American 10-year yield with the corollary of a strong reaction from risky assets, with the notable exception crude.

“The Fed’s patience seems, in any case, to be paying off since the majority of macroeconomic indicators published last week across the Atlantic came out below expectations and confirm the slowdown of the American economy.” summarizes Thomas Giudici, head of bond management at Auris Gestion.

“As for the labor market, if Jerome Powell had indicated during the FOMC meeting that it remained tense, although rebalancing thanks to the increase in the participation rate, the job creations in October disappointed and the unemployment rate increased by 0.1 point to 3.9%. Although still historically low, this rate is the highest since January 2022. At the same time, wage pressures are also less strong. This employment report confirms therefore a less tense labor market, an essential element for a lasting reduction in inflation.”

Not much to eat since the start of the week in terms of macroeconomic publications. The producer price index in the Euro Zone came out perfectly on target. We will also note the publication, a few moments ago, of a slightly heavier deficit than expected in the trade balance for the month of September (-$61.50 billion). Note that retail sales in the monetary union, for the month of September, fell by 0.3%, more in the red than the consensus would suggest.

To follow J Powell’s speech at 3:15 p.m.

At midday on the foreign exchange market, the Euro was trading against $1.0670 approximately.


The 20-day moving average (in dark blue) is in phase, at a significant angle, to reconquer the 50-day long moving average (in orange), even though these two trend lines have not met since the August 17. The bearish message is therefore no longer so clear. The neutral opinion will be kept immediately.


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 1.0550 USD and resistance at 1.0792 USD.

News Bulletin 247 advice

Objective :
1.0792 / 1.0929 / 1.1012
1.0550 / 1.0435 / 1.0300