EURUSD continues higher for fourth day in a row, adding 0.13% at 1.1165 as traders digest the Fed decision that cut interest rates by 25 bps to 1.50%-1.75%. Germany Retail Sales (year over year) came in at 3.4%, below forecasts of 3.5% in September. France Consumer Price Index (year over year) came in at 0.9%, below forecasts of 1% for October. The Spain Gross Domestic Product – Estimated (year over year) came in at 2% topping expectations of 1.9% in 3Q, 2019.
EURUSD trades close to daily high above the critical 100-day moving average which managed to pierce yesterday after the Fed’s decision. On the technical side bulls are in control now as the impressive rebound from two-year lows at 1.0878 up to 1.1172 amid support that risky assets found on better news from US-China trade tensions and Brexit.
On the downside, immediate support stands at 1.1151 daily low, a break below might attract more bears to join the action that may drive the price down to 1.1123 the 100-day moving average. On the upside, immediate resistance stands at 1.1170 today’s high, a break above can lead prices up to 1.1179 monthly high.Download our latest quarterly market outlookfor our longer-term trade ideas.
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