EURUSD hits 11-week low ahead of European inflation data

EURUSD – Weekly Forecast for Binary Options Brokers

EURUSD hit a 11-week low on Wednesday, before trading in a limited range in the European market, with investors reluctant to build new positions in anticipation of major inflation data in Europe in October, which provides strong evidence about Prospects for the European Central Bank to normalize monetary policy beginning in the middle of next year.

EURUSD is trading around 7:50 GMT at $ 1.1350 from the opening price of $ 1.1343 after recording the highest of $ 1.1353 and the lowest of $ 1.1335 since August 15.

EURUSD ended yesterday’s trading 0.3% lower , the second daily loss in a row, on the back of binary options investors demand for most of the major and minor currencies, as well as data showing a slowdown in the European economy.

GBPUSD Analysis for Binary options brokers

EURUSD is showing further bearishness to continue to approach the awaited first target at 1.1300, and the price is under continuous negative pressure coming from SMA 50, waiting to breach the mentioned level to confirm the extension of the upside wave towards 1.1181.

Therefore, we will maintain our bearish outlook for the coming period unless the 1.1443 level is breached and stability above it.

The trading range for today is expected among the 1.1250 support and 1.1400 resistance

The general trend for today is bearish

Over the past week, the single European currency lost 1.05% against the greenback, the second consecutive weekly loss, on speculation that the ECB will normalize monetary policy during the summer of 2019, especially as data show that economic growth in the euro zone is slowing. The second half of this year.

Over the October trading session, which officially ends on today’s trading session, the euro fell 2.2% against the dollar, the biggest monthly loss since May.

Contrary to the continuing poor economic data from Europe this month, the single European currency came under other negative pressure, represented by political tensions in Italy over the budget of 2019, and in Germany after the results of the last local elections.

In Italy, the confrontation between the Italian government and the European Commission on spending plans and budget deficit is expected to escalate next year, especially as the budget is in violation of the European Union’s financial rules, and the Commission has asked the Italian government for further clarification before mid-November.

The impact of political tensions on the European currency increased after the results of the last local elections in Germany, and the decision of German Chancellor Angela Merkel not to run again for the presidency of the Christian Democrats, in addition to the current period as a consultant to the country, which ends in 2021.

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