Just released was the NFIB business optimism index that barely moved, down from 92.9 to 92.8 in September. The US Redbook is next, as well as IBD/TIPP Economic Optimism.
Despite yesterday's softening, Commerzbank analysts are unable to rule out a re-challenge of the 1.3173/77 band (recent high and the Fibonacci retracement/78.6% retracement of the move seen this year), but favor failure there. “Immediate support is offered by the 6 week uptrend at 1.2905, this guards the 2 month uptrend and 200 day ma at 1.2824/1.2738 – risk has shifted to the topside very near term however we expect it to remain fairly tepid”, wrote analyst Karen Jones.
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