The single currency managed to recover losses back above the 1.1300 level after finding support from the 1.1216 level. The following EURUSD technical outlook explains what is next.
November 16, OctaFX – The euro was little moved in the Asian session ahead of important data from the EU. The region will release its consumer prices data.
CPI Data: What to expect?
This data is expected to show that consumer prices remained unchanged in October. The CPI is expected to remain at 2.2% while the core CPI is expected to remain at 1.1%.
This data will likely not change the guidance of the ECB. In the last meeting, the bank reiterated its intention of ending quantitative easing in December. The bank also said that a change of interest rates will likely happen through the summer of 2019.
EURUSD Technical Outlook
The EURUSD pair was relatively unchanged in the Asian session today. It is trading at 1.1335, which is along the 38.2% Fibonacci Retracement level. This week, the pair has seen some relative gains of 1.3%.
The RSI is at 53.6 while the Bulls Power indicator has lost momentum. This consolidation could lead to more volatility today or in the days ahead. If the pair continues moving up, it will likely test the 1.1350 resistance level and if it moves down, it will test the 1.1320 level.
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