Eur Dollar has fallen to 1.0904, down for a second consecutive week and heading into the weekly close not far above this last. The shared currency started the week with a weak tone amid discouraging local data, later weighed by resurgent dollar’s demand, with a failed attempt to advance beyond the 1.1000 figure further exacerbating selling interest.
Meanwhile, the trade war continues, now in a good place but far from over.
The upcoming week has plenty of data scheduled, including German and EU preliminary estimates for September inflation, seen ticking modestly higher. Market will release the final versions of September PMI for both economies, while the US will release the official versions of the Manufacturing and Services PMI.
The US will publish on Friday the NFP report, with the economy expected to have added 162K new jobs. The unemployment rate is seen steady at 3.7% while wages’ growth is seen steady on average.
EUR/USD technical outlook
From the technical point of view EU history has been trend defining. We still expecting price to hit new lows after a short pullback to resistance. With a massive pin bar close signifying rejections, It may be a fakey unless we get a full test of resistance thus when we will going down.
Raymond is a professional currency trader with experience of 4 years trading the financial markets. Certified Risk Manager and Contributor at profxtigers.com
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