EURUSD Fundamental Outlook


The markets are looking forward to today’s confirmed October inflation figures of the Eurozone and possible comments on monetary policy by ECB President Draghi. For more insights on EUR, have a look into today's, 16 November EURUSD Fundamental Outlook.

15 November, OctaFX –The EURUSD currency pair broke out during the trading session on Tuesday, cut through the 1.17 level. Asian markets in the earlier part of Thursday managed to oscillate the negative sentiment and carry trades could ease pressure on the EUR through the European session, though with the markets concentrated on tonight’s vote, any material moves will likely be on hold.

FOMC Commentary impacts EUR 

Positive inflation figures out of the U.S and some hawkish FOMC member review has not yielded any success in reversing the EUR’s gains, with the Dollar under pressure ahead of today’s Senate vote on tax reforms. FOMC members speaking later today include voting members Brainard and Kaplan.

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Hawkish commentary from both and a Senate vote on approval of the tax reform bill could see the EUR move back to $1.16 levels. If it goes terribly awry on Capitol Hill later today, $1.18 levels are more than expected and Draghi won’t be able to hold the EUR back.

16 November EURUSD Fundamental Outlook

The euro traded within a narrow range against the dollar on Thursday after failing to sustain upside north of 1.1800. The EUR/USD was last seen trading at 1.1779, having gained around 0.1%. The pair is eyeing immediate resistance at 1.1850. A rally above that level would lead to a re-test of the 1.1886 level. On the flipside, immediate support is located near the 1.1740 region.

16 November EURUSD Fundamental Outlook

Disclaimer

This article about 16 November EURUSD Fundamental Outlook should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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