ANALYSIS
NQ100 Finds Support from PPIApr 14
0.9900 Level Will be Watched in EURUSD
Economic activity in the eurozone continues to decline. In the data reported by IHS Markit and S&P Global today, the composite PMI was 47.1 points, below market expectations of 47.5 points in October. The data does not allow the euro to enter a meaningful recovery path, revealing that recession risks remain alive in the region. On the other hand, the fact that the dollar maintains its strong stance with the hawkish statements of the leading FED Officials also has an effect. Technically, as long as it remains below the 0.9900 level indicated by the intermediate trend, the pressure on the EURUSD parity will be maintained. If the 0.9800 level can be reached permanently in the EURUSD parity, the retreat may continue until the 0.9755 support. In possible transition above 0.9900, the 0.9945 resistance may be in question.
