- EUR/USD trades flat this morning as there is a a lack of key drivers to inspire volatility.
- Yesterday the previous wave low provided some resistance for a move lower.
After falling on a positive risk rally EUR/USD could not recover past the 1.1071 resistance zone.
This has now set up a bearish scenario as the price is now making lower highs and lower lows on the 4-hour timeframe.
We could, of course, find some support closer to the 1.10 psychological support level but it remains to be seen if the price can break that much lower.
On the bulllish side, there is also a divergence forming on the RSI indicator which could show some signs of a momentum slowdown.
The price made a lower low while the indicator made a higher low (maked by the red lines). This could potenially mean in the short term we have run out of downside momentum.
Headlines this morning
The German trade balance improves this morning and printed at Eur 19.2 billion vs the expected Eur 18.1 billion for September.
France, however, failed to make the same headway as unfortunately, these missed on expectations as the -Eur 5.6 billion deficit was more than the anticipated -Eur 4.8 billion reading.
French Non-Farm Payrolls improved for Q3 showing a rise of 0.3% vs the previous of 0.2%.
There were also some comments from ECB's Vasle who said the ECB is determined to continue with its current policy until conditions improve.
|Today last price||1.1048|
|Today Daily Change||0.0002|
|Today Daily Change %||0.02|
|Today daily open||1.1046|
|Previous Daily High||1.1092|
|Previous Daily Low||1.1036|
|Previous Weekly High||1.1176|
|Previous Weekly Low||1.1074|
|Previous Monthly High||1.118|
|Previous Monthly Low||1.0879|
|Daily Fibonacci 38.2%||1.1057|
|Daily Fibonacci 61.8%||1.107|
|Daily Pivot Point S1||1.1024|
|Daily Pivot Point S2||1.1002|
|Daily Pivot Point S3||1.0968|
|Daily Pivot Point R1||1.108|
|Daily Pivot Point R2||1.1114|
|Daily Pivot Point R3||1.1136|
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