VOT Research Desk
The EURUSD bears will remain optimistic unless the price surpasses the 200-DMA barrier, which is now around 1.0430, thanks to Monday’s bearish candlestick and overbought RSI conditions.
Fabio Panetta, a member of the ECB executive board, however, stated on Monday that the monetary policy must continue to tighten in order to prevent inflation in the Eurozone from being entrenched, according to Reuters.
Heading on, it’s possible that the original 0.2% QoQ projections will be confirmed by the Eurozone GDP, which might not encourage EURUSD purchasers to start buying again. Instead, the pair sellers might be pleased with a pessimistic print, which is more likely.
Still, it would have been wiser to wait for precise guidance before releasing the US Producer Price Index (PPI) for October, which is predicted to be 8.3% YoY versus 8.5% the month before.
|
Daily SMA20 |
0.997 |
|
Daily SMA50 |
0.9901 |
|
Daily SMA100 |
1.003 |
|
Daily SMA200 |
1.0435 |
