The Economic Calendar this morning was red across the board of French, German and Euro Zone Manufacturing and Services PMI. German Manufacturing PMI saw the sharpest decline in a decade, the index has slumped to 41.4 in September compared to 43.5 in August.
As a result, the Euro fell against many cross-counter parts. Today we will analyze the Euro against the Safe Haven Swiss Franc.
Today at 15:00 GMT, the ECB President Mario Draghi will speak about monetary policy and his outlook for economic growth. Mr. Draghi will be replaced as President of the European Central Bank by former IMF Director Christine Lagarde in October and his statement today is likely to drive the EUR.
If Draghi’s tone is alarming, and the Euro continues to move to the downside, we want to see the price break this level of support at 1.08646 down and our target areas will become support in the area of 1.08417 and then 1.08197.
If Draghi is able to provide some optimism and the price grows, our target areas will be at 38.2% Fibo at 1.09184, followed by 50% Fibo at 1.09374 and then 61.8% Fibo at 1.09564.
As a result, the Euro fell against many cross-counter parts. Today we will analyze the Euro against the Safe Haven Swiss Franc.
Today at 15:00 GMT, the ECB President Mario Draghi will speak about monetary policy and his outlook for economic growth. Mr. Draghi will be replaced as President of the European Central Bank by former IMF Director Christine Lagarde in October and his statement today is likely to drive the EUR.
If Draghi’s tone is alarming, and the Euro continues to move to the downside, we want to see the price break this level of support at 1.08646 down and our target areas will become support in the area of 1.08417 and then 1.08197.
If Draghi is able to provide some optimism and the price grows, our target areas will be at 38.2% Fibo at 1.09184, followed by 50% Fibo at 1.09374 and then 61.8% Fibo at 1.09564.