FXOpen
In recent trading sessions, European currencies have shown mixed performance. The EUR/USD pair found support just below the 1.0800 level, while GBP/USD plunged below the critical 1.2900 support. Today, investors and market participants are awaiting U.S. labour market data, while next week’s U.S. election adds to the anticipation. This could lead to sharp increases in volatility for both pairs, with current trends potentially either intensifying or shifting dramatically.
EUR/USD
Recent macroeconomic data from the Eurozone has been relatively positive this week. For instance, Germany’s GDP for Q3, released on Wednesday, posted a 0.2% growth, beating the forecasted -0.1%. Similarly, the Eurozone’s GDP and the October Consumer Price Index (CPI) both showed positive trends.
Technical analysis of EUR/USD suggests the possibility of an upward movement, provided the price remains above 1.0800. If the U.S. Nonfarm Payrolls data proves positive, the pair could retest recent lows around the 1.0780-1.0760 range.
Key events for EUR/USD today:
- 15:30 (GMT +3:00) – U.S. ADP Non-Farm Employment Change;
- 15:30 (GMT +3:00) – U.S. Average Earnings data;
- 16:45 (GMT +3:00) – U.S. Manufacturing PMI for October.
GBP/USD
At the start of the current trading week, GBP/USD managed to strengthen to 1.3000. However, following the release of the UK’s Autumn Budget on Wednesday, the price saw a sharp decline, breaking through the crucial support level of 1.2900. Currently, the pair is testing this level as a resistance. A rejection at this point could push the downward trend towards 1.2800-1.2700. Conversely, a hold above 1.2900 could see the pair retest the 1.3000 level.
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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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