Today, the EUR/USD exchange rate is fluctuating around 1.0710 in the Asian trading session on Thursday. This currency pair lacks direction and momentum, resulting in no clear trend. However, the Euro (EUR) remains in positive territory following conflicting economic data from the Eurozone and Germany.
Market News:
As predicted, Germany's Harmonized Consumer Price Index (CPI) maintained stability both on a monthly and annual basis in October. The monthly report showed a decrease of 0.2%, while the annual growth remained steady at 3.0%.
Furthermore, China's Consumer Price Index (CPI) witnessed a year-on-year decrease of 0.2% in October, surpassing the expected decrease of 0.1%. Additionally, the monthly CPI declined by 0.1%, contrasting with the previous increase of 0.2%.
Due to these factors, EUR/USD is expected to continue experiencing shocks in the near future due to concerns about domestic economic data.
Technical Analysis and Outlook:
From the daily chart, we can observe that the Elliott Wave has completed, and a resistance level near the psychological level of 1.0750 has further strengthened the conviction of this strong decline. At the time of writing, the price is trading at 1.0707 with an expected decrease to 1.0565.
Market News:
As predicted, Germany's Harmonized Consumer Price Index (CPI) maintained stability both on a monthly and annual basis in October. The monthly report showed a decrease of 0.2%, while the annual growth remained steady at 3.0%.
Furthermore, China's Consumer Price Index (CPI) witnessed a year-on-year decrease of 0.2% in October, surpassing the expected decrease of 0.1%. Additionally, the monthly CPI declined by 0.1%, contrasting with the previous increase of 0.2%.
Due to these factors, EUR/USD is expected to continue experiencing shocks in the near future due to concerns about domestic economic data.
Technical Analysis and Outlook:
From the daily chart, we can observe that the Elliott Wave has completed, and a resistance level near the psychological level of 1.0750 has further strengthened the conviction of this strong decline. At the time of writing, the price is trading at 1.0707 with an expected decrease to 1.0565.
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