Daily Forex Signals: EUR/USD dropped as the US Dollar returned to dominating the scene and amid the ongoing Italian drama. What’s next? The ECB Meeting Minutes stand out. Here is an outlook for the highlights of this week and an updated technical analysis for EUR/USD.
1. German Industrial Production: Monday, 6:00. Germany is the locomotive of the eurozone, its industrial exports lead the 19-country currency block. However, expectations were missed in recent industrial production numbers. The disappointing decline of 1.1% was seen in July. We can see bounces in the report in August: + 0.4% is estimated.
2. Sentix Investor Confidence: Monday, 8:30. A total of 2800 analysts and investors’ surveys reduced by expectations at the July level, with a 12-point decline in September. A similar number can now be seen: 11.4 is expected.
3. German Trade Balance: Tuesday, 6:00. As discussed earlier, the largest block of the continent takes the export block and the business is behind the surplus. However, the remainder was only raised to 15.8 billion euros in July. Assuming a surplus of 15.9 billion is expected.
4. French Industrial Production: Wednesday, 6:45. The second largest economy in the eurozone enjoyed an increase of 0.7% in production in July, better than expected. Did the French industry beat the German month another month? The card has increased by 0.5%.
5. French Final CPI: Thursday, 6:45. According to the preliminary release, the Consumer Price Index of France was down by 0.2% in September. The final number is expected to confirm the initial reading.
6. ECB Meeting Minutes: Thursday, 11:30. The European Central Bank publishes internal discussions from the September meeting. After that, the ECB did not make any changes to its policy. However, ECB President Mario Druggi surprised the glass with half full fill. He usually drowns. Comments about wages, inflation, and future monetary policy will be seen very closely.
7. German Final CPI: Friday, 6:00. Original publication for Germany shows an increase of 0.4% in consumer prices in September. The final number will confirm it. Regardless of the bounce in the monthly figures, the annual was a disappointment and weighed on all European measures.
8. Industrial Production: Friday, 9:00. The total production of the euro area fell by 0.8%, slightly below the decline in Germany. This figure depends on the reading of Germany and France. There is a possibility of an increase: -4% is expected.
* All times are GMT
EUR / USD was initially recovering but then it fell sharply, lost support at 1.1530 last week.
Technical lines from top to bottom:
There was a low point on 1.1 January 15 and remained relevant. Drugs had a peak of 1.1850 on June 148, before sending down the euro.
1. 1.1815 was the high point in September. 1.1750 did not keep the pair less than four times in July and remained a powerful level.
2. 1.1720 is an experienced line that works in both directions and it captures the pair in mid-September. At the end of August 1.1650, the swing was low and after 1.1615 very closely followed, which played an important role.
3. 1.1570 was a lower point because at the end of September 1.1530, the pair supported twice in August, making it an important line.
4. In the early fall of October 2018, there were 1.1460 fewer digits. 1.1435 put Euro / USD down while doing business around the year’s shortcomings.
5. 1.1365 temporarily reduced the fall in Euro / US Dollar 1.1300 is a round number which organizes the pair in mid-August and also puts the pair down in June 2017.