Monday is expected to be a slow session in the financial markets, with only a few data prints expected. How will EURUSD move? Let’s find out with this 9 October EURUSD Fundamental Outlook from OctaFX.
9 October, OctaFX – Eager investors can expect a highly active week on the economic calendar beginning Tuesday.
Action on Monday begins at 06:00 GMT with the release of German industrial production. Output in Europe’s largest economy is projected to rise 0.7% in August, following a flat reading the month before.
At 08:30 GMT, Sentix will issue its closely-watched investor confidence index. The monthly reading is expected to come in at 28.5, which is slightly higher than the 28.2 in September.
9 October EURUSD Fundamental Outlook
The EUR/USD opened higher on Monday, but continued to trade in a firm downward cycle. The pair was last up 0.1% at 1.1741. However, the gains do little to alleviate concerns over the euro’s projected path.
The common currency has declined in each of the last four weeks, as a combination of political jitters and a resurgent US dollar pressured the bulls. Immediate support is located at 1.1695. On the opposite side of the ledger the first resistance level is seen at 1.1780.
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