ANALYSIS
NQ100 Finds Support from PPIApr 14
Recovery Efforts in EURUSD Cannot Be Successful
The messages of the President of the European Central Bank (ECB), Christine Lagarde, on the interest rate hike path against high inflation, somewhat recovered the euro. However, according to data reported by IHS Markit and S&P Global, the composite purchasing managers index (PMI) in the eurozone fell to 47.3 points from 48.1 points in October. The data revealed that the economic activity in the region continued to shrink and the recession risks continued to be alive. Thus, recovery efforts in parity failed. In addition, it is possible to say that the effects of the FOMC meeting are still felt in parity. Finally, the US nonfarm payrolls data, which will be announced today, can be followed closely in terms of parity pricing. Technically speaking, if the EURUSD parity, which seems to defend the minor channel movement, can break below the 0.9720 level, the declines are likely to continue until the 0.9650 support. Above, 0.9860 and 0.9920 resistances can be followed.
