The EUR/USD made a three-month peak at 1.1016 before retracting below 1.1000 despite growing risk appetite.
Europe's inflation dipped in Germany and Spain, hinting at potential ECB rate cuts, although analysts anticipate a rebound in the coming months.
On the contrary, the US economy showcased robust 5.2% growth in Q3, bolstering the Dollar's strength.
However, reports of a slowdown before mid-November from the Beige Book, combined with impending crucial US data on Core PCE Price Index and Jobless Claims, could weaken the Greenback further if they reflect diminishing inflation and labor market strength.
Declining bond yields on both fronts, especially in Germany, contribute to the unpredictability surrounding the EUR/USD exchange.
On Wednesday, EUR/USD moves lower and reached the middle band of the Bollinger Bands.
Currently, the price moves slightly above the middle band creating a possibility for the price to move back higher and reach the upper band.
The Relative Strength Index (RSI) holds at 55, indicating a neutral stance for this currency pair.
Resistance: 1.1041, 1.1087
Support: 1.0968, 1.0930
Europe's inflation dipped in Germany and Spain, hinting at potential ECB rate cuts, although analysts anticipate a rebound in the coming months.
On the contrary, the US economy showcased robust 5.2% growth in Q3, bolstering the Dollar's strength.
However, reports of a slowdown before mid-November from the Beige Book, combined with impending crucial US data on Core PCE Price Index and Jobless Claims, could weaken the Greenback further if they reflect diminishing inflation and labor market strength.
Declining bond yields on both fronts, especially in Germany, contribute to the unpredictability surrounding the EUR/USD exchange.
On Wednesday, EUR/USD moves lower and reached the middle band of the Bollinger Bands.
Currently, the price moves slightly above the middle band creating a possibility for the price to move back higher and reach the upper band.
The Relative Strength Index (RSI) holds at 55, indicating a neutral stance for this currency pair.
Resistance: 1.1041, 1.1087
Support: 1.0968, 1.0930