EUR/USD Pair Going Uptrend Yesterday; Euro Rises Over Inflation Data

EURUSD Pair Going Uptrend Yesterday; Euro Rises Over Inflation Data

BRUSSELS, Belgium – The EUR/USD pair gained an optimistic sentiment as it started an upward trend in yesterday’s trading session since it reached a low value of 1.0988.

Yesterday, the EUR/USD pair reached a high 1.1030, the highest level it gained since Tuesday. Based on the hourly chart for the pair, it is trading over the moving averages, both the 14 and 28-day values. The RSI is also gaining an upward trend and is currently at the 60 levels.

The EUR/USD pair is expected to continue moving uptrend as it tries to test the level of 1.0600 of the 38.2% Fibonacci Retracement level.

On the other hand, the XBR/USD pair is currently trading lower at 61.89 from the recent high of 62.58 from the last trading session, but still a bit higher compared to yesterday’s 61.54 low value. For the Fibonacci Retracement level, the pair is slightly over the 61.8% level and is expected to go either a bit lower or a bit higher from the resistance level of 62.

During the last trading session in the Asian market, the USD/JPY pair also dropped sharply. It started the last trading session along with the 23.6% in the Fibonacci Retracement level, reaching a low 108.22 level. Fortunately, it was able to recover slightly as the day continued and is currently trading in between the 38.2% and 50% in the Fibonacci Retracement level, reaching at 108.57. The price for the USD/JPY pair is between the 14-day and the 21-day moving averages and is likely to remain at the same levels before the retail sales data from the US.

The focus on upcoming market changes will be on Europe, which is set to release its October inflation numbers. The inflation data is expected to show an unchanged rate when it comes to the headline consumer prices, the same 0.7% for October. The numbers are also expected to show about a 1.1% increase in the core CPI in October along with a EUR 17.5 billion increase for the trade surplus.

The inflation numbers are set to be released one day after Europe will release its optimistic GDP data for Q3, which positively gained about 1.2% annual rate from the 1.1% it had at the end of the 2nd quarter.

The market also waits for the October’s retail sales data the US will release. The numbers are expected to show a 0.2% increased retail sales in October from the measly -0.3% from September and a 0.4% increase from -0.1% in core retail sales.

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