ANALYSIS
NQ100 Finds Support from PPIApr 14
We Are In The Bottom Band Before PPI In EURUSD
Before the Producer Price Index (PPI) figures to be announced in the US economy today, we tested the lower band of the upward channel in the parity. Despite the banking sector problems in the USA, the expectations that the European Central Bank (ECB) will increase interest rates by 50 basis points reflected negatively on the Euro. While the support of 1.0560, which marks the lower band of the channel, is critical for us, our first support will be 1.0535 in case of going under this zone, and then 1.0385 level can be targeted. On the other hand, it may be desirable to retest 1.064 and 1.0690 resistances in the permanences that can be provided above the 1.0560 support.
