EURUSD: increased risk of falling below 1.10

On Tuesday the 12th of November, the value of the euro slumped by the end of trading. In the US session, the pair moved to 1.1003. The dollar index continues to grow, based on the expectation that the US Federal Reserve will not slash interest rates at the end of the year. There is also uncertainty concerning the situation with negotiations between the US and China. Market players had expected President Trump to share details about the current state of trade negotiations yesterday, but he did not provide them.

Day’s news (GMT +3):

  • 10:00 Germany: Consumer Price Index (MoM) (Oct).
  • 12:30 UK: Retail Price Index (MoM) (Oct), Producer Price Index – Output (MoM) n.s.a. (Oct), Consumer Price Index (MoM) (Oct), Prodcuer Price Index – Input (MoM) (Oct).
  • 13:00 Eurozone: Industrial Production s.a. (MoM) (Sep).
  • 16:30 USA: Consumer Price Index (MoM) (Oct).
  • 19:00 USA: Fed’s Chair Powell testifies.
  • 22:00 USA: Monthly Budget Statement (Oct).

EURUSD H1

Current situation:

At the time of writing, the euro is valued at 1.1008. However, the pair’s trades continue to follow a bearish trend, and, as a result, there is a real risk that the euro could well fall below 1.10 in the next five hours. The forecast target for the first half of the European session is 1.0995. Currently, sellers can test the area of 1.0985. If the euro weakens against the backdrop of a rising dollar and decline on the euro crosses, then the falldown will accelerate to 1.0971.

To begin to consider an upwards correction, we need to gain a foothold above 1.1050. In order to reach this figure, we will need to make it through the 1.1025-1.032 zone.

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