EUROzone CPI (YoY) (Oct) stands at 0.4% , EURUSD sees consolidation before the next fall !

EURO 2
EURO 2

The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.

Usual Effect: A high reading or a better than expected number is seen as positive for the EUR, while a low reading is negative.

Frequency: Released monthly, on the last business day of the current month.

Last Read :0.3%

Expectations : 0.4%

Actual : 0.4%

Volatility : High

Market Impact :A reading between 0.3% : 0.5% will bring sideways move with risk to break lower.

Technical Outlook : Intraday outlook in EURUSD remains on the downside as long as resistance 1.2630 holds on a 4 hour closing basis , support at 1.2546 levels ,a cut will open 1.2470 levels ahead of the 1.2370 levels , a clear break above the 1.2630 will turn outlook neutral towards the 1.2685/1.2725 levels .

Support and resistance : 1.2300 , 1.2375 , 1.2475 , 1.2545 , 1.2630 , 1.2685 , 1.2725 , 1.2770

Conclusion : The EURUSD may enjoy the non negative data and rebound a little bit before the next fall , strategy remains  selling at resistance levels.

MARKET DATA

UPCOMING ECONOMIC EVENTS