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EUR/USD Review, November 4-8, 2019

FX_IDC:EURUSD   Euro / U.S. Dollar
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The currency pair resumed its growth last week and tested the resistance at 1,1166. EUR/USD stays above the ascending trend line .
The main growth catalyst was the decision of the FOMC to cut rate by 25 basis points. The FOMC head has mentioned that they want to protect the US economy from the eventual risks.
As for the US data, there were a couple of important releases. Advance GDP has shown a 1,9% growth, which was above economists’ expectations but below previous reading, which was in turn revised to lower 2,0%.
We expect the currency pair to grow this week in case it can break out the resistance at 1,1166. The closest target for this scenario is the next resistance area at 1,1322. If there are some reversal signals, it is better to place short orders targeting 1,1071.

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