On Wednesday 30-th FOMC took its decision about the interest rate. The interest rate was decreased to 1,75%. Right now EUR/USD is near its maximums. The question is 'What's next?'
Technical analysis
From the technical side the picture is the following:
1. 200-EMA is heading down
2. Parabolic SAR reversed
3. MACD histrogram is heading down
4. The price is forming 'double top' pattern
5. Support level is on 1,11300, resistance zone is between 1,11800 and 1,12000
Summary: if the price breaks the trend line down we might expect that it will continue moving to the support line 1,10650.
Fundamental analysis
On Friday 1-st Nonfarm Payrolls and Unemployment rate are being published. We expect that the labour market is shrinking.
1. According to Jobless claims (4-week Average) the number of unemployed people in October increased
2. According to Challenger Job cuts - there are more than 50K job cuts in October
Technical analysis
From the technical side the picture is the following:
1. 200-EMA is heading down
2. Parabolic SAR reversed
3. MACD histrogram is heading down
4. The price is forming 'double top' pattern
5. Support level is on 1,11300, resistance zone is between 1,11800 and 1,12000
Summary: if the price breaks the trend line down we might expect that it will continue moving to the support line 1,10650.
Fundamental analysis
On Friday 1-st Nonfarm Payrolls and Unemployment rate are being published. We expect that the labour market is shrinking.
1. According to Jobless claims (4-week Average) the number of unemployed people in October increased
2. According to Challenger Job cuts - there are more than 50K job cuts in October