ANALYSIS
NQ100 Finds Support from PPIApr 14
Euro Struggles To Find Demand After Record Inflation Rate
The European Statistical Office (Eurostat) released a critical data stream today. According to Eurostat, the European economy grew by 0.2% in the third quarter, against the expectations of 1%, slightly increasing the risks of recession in the last quarter. On the other hand, consumer inflation broke a record with 10.7% on an annual basis in October, while it became difficult for the euro to find demand. Technically speaking, it is seen that the parity broke the minor wedge and headed for a retracement movement. Below, 0.9875 is critical. With the end of this, the retreat may take to 0.9815, indicated by the Fibonacci 61.8% retracement line. Above, the 1.0000 – 1.0055 range will continue to be a strong resistance zone.
