ANALYSIS
NQ100 Finds Support from PPIApr 14
0.9900 Can Be Determinant for Permanent Recovery of EURUSD
Few days before the critical October monetary policy meeting of the European Central Bank (ECB), the expectations that the bank will charge another 75 basis points jumbo interest rate hike have given some support to the euro. However, the concerns that the recession risks in Europe may deepen do not allow the support for the euro to be permanent. As a matter of fact, in the data reported by IHS Markit and S&P Global at the beginning of the week, the composite PMI was announced at 47.1 points in October, revealing that economic activity continued to decline. In addition, the strong stance of the dollar also weighs on the parity. Technically, it can be expected that the EURUSD parity, which is likely to regress as long as it remains below the 0.9900 level indicated by the trend line, will bring the 0.9775 support to the agenda in case of permanent closes below the 0.9820 level. In the possible transition above 0.9900, the 0.9950 can be followed.
