The dollar steadied amid cautious market sentiment after an unsuccessful separate session of the United Nations Security Council to resolve the conflict and Israeli Prime Minister Benjamin Netanyahu's insistence on a general ceasefire until Hamas Release all hostages. Market participants are now awaiting insights from Federal Reserve policymakers. Any conflict with the policy rate expected to remain unchanged in December could further strengthen the USD and negatively impact EUR/USD.
German data showed Monthly Industrial Output in September fell 1.4%, which contributed to weakness in the EUR/USD pair. Technical analysis on the 4-hour chart using the Simple Moving Average (SMA) and the 20-period Fibonacci retracement identifies the main pivot point for EUR/USD at 1.0700.
EUR/USD saw a decline from the 1.0750 peak to levels below 1.0700 on increasing selling pressure, which is likely to extend to the interim resistance of the 55-day SMA near 1.0650. The negative outlook persists as it sits below the 200-day SMA of 1.0804, with the latest price at 1.0669 (-0.48% daily change).
The USD rebound and deteriorating risk appetite are putting pressure on the pair. Disappointing German Industrial Production data (down 1.4% in September compared to forecasts for a 0.1% decrease) also partly put pressure on the EUR. The central event this week is the speech of ECB and Fed officials.
German data showed Monthly Industrial Output in September fell 1.4%, which contributed to weakness in the EUR/USD pair. Technical analysis on the 4-hour chart using the Simple Moving Average (SMA) and the 20-period Fibonacci retracement identifies the main pivot point for EUR/USD at 1.0700.
EUR/USD saw a decline from the 1.0750 peak to levels below 1.0700 on increasing selling pressure, which is likely to extend to the interim resistance of the 55-day SMA near 1.0650. The negative outlook persists as it sits below the 200-day SMA of 1.0804, with the latest price at 1.0669 (-0.48% daily change).
The USD rebound and deteriorating risk appetite are putting pressure on the pair. Disappointing German Industrial Production data (down 1.4% in September compared to forecasts for a 0.1% decrease) also partly put pressure on the EUR. The central event this week is the speech of ECB and Fed officials.
Comment:
HIT TP1 20 PIPS 🪙🪙🪙
💲TP1 1.06700
💲TP2 1.06500
🔴 SL 1.07600