Euro-dollar’s upward reaction to last week’s inflation data was unusually aggressive for a major forex pair: it was the largest daily movement by this symbol in 2023 so far. This combined with clear overbought conditions from Bands and the slow stochastic might make EURUSD less attractive for buyers compared to gold or other majors with the dollar like cable.
$1.13 is an obvious medium- to long-term target which is the area of July’s high and the 61.8% weekly Fibonacci retracement. It would probably take some time for the price to reach this area unless preliminary inflation from the eurozone on 30 November is significantly higher than expected or 8 December’s NFP is notably surprising. The critical upcoming event for euro-dollar is also 13 December’s meeting of the Fed.
$1.13 is an obvious medium- to long-term target which is the area of July’s high and the 61.8% weekly Fibonacci retracement. It would probably take some time for the price to reach this area unless preliminary inflation from the eurozone on 30 November is significantly higher than expected or 8 December’s NFP is notably surprising. The critical upcoming event for euro-dollar is also 13 December’s meeting of the Fed.