Main Scenario: As long as it remains below 1.1115 level, our main expectation is NEGATIVE!
Additionally, a 4-hour closing below 1.1055 may support the negative outlook.
Target Expectation: 1,1055 – 1,1025 – 1,0995
Considerations Supporting The Scenario: With the recent decreases, the uptrend ended. In addition, the Relative Vigor Index indicator has not yet produced an AL signal.
Alternative Scenario: In the event of a 4-hour close above 1.1115 level, the alternative is POSITIVE!
Alternative Target Expectation: 1,1155 – 1,1200 – 1,1245
MOST IMPORTANT NEWS OF THE WEEK
Wednesday, November 06
- France Service Purchasing Managers Index (PMI),
- Spain Purchasing Managers Index (PMI),
- German Factory Orders and Service Purchasing Managers Index (PMI),
- Euro Area Service Purchasing Managers Index (PMI),
- US Non-Farm Productivity, Unit Labor Costs, Crude Oil Stocks, Gasoline Stocks,
- Canadian Ivey PMI,
- Speech by FOMC Members Williams, Evans and Harker,
When we consider the current news feeds today, EURUSD may attract attention relative to other assets.