Tuesday, October 29 euro trading closed with growth. "Bearish" mood changed to "bullish" on the level of 1.1074. Growth of quotations could contribute to several factors:
- The governments of all the EU countries decided to postpone Brekzita.
- The leader of the opposition Labor Party of Great Britain Jeremy Corbyn said he was willing to support the idea of holding early elections in December, as the United Kingdom did not come out of the EU without a contract.
- Stock index S & P 500 closed at a record level. Investors expect progress in the trade negotiations between the US and China. Positive impact on risky assets.
Planned statistics (GMT + 3):
11:55 Germany is to publish data on the change in the unemployment rate and the number of unemployed in October.
At 12:00 Switzerland is to publish an index of investors' expectations from the ZEW and Credit Suisse in October.
At 13:00 the Eurozone will present the consumer confidence index for October.
At 15:15 in the US will report on changes in the number of employees from ADP in October, at 15:30 - the change in GDP in the third quarter.
At 16:00 Germany will release the consumer price index for October.
At 17:00 in Canada will be announced the decision of the Bank of Canada's interest rate, as well as will the accompanying statement of the Bank of Canada.
At 17:30 the Ministry of Energy will publish a report on changes in oil reserves.
18:15 A press conference of the Bank of Canada.
At 21:00 in the US will be announced FOMC decision on interest rates, as well as the FOMC accompanying statement will be released.
At 21:30 in the US will be a press conference by the FOMC.
Current Situation EURUSD:
Ending forecast EURUSD failed. The market was affected by the news. After the breakdown of the trend line corrective rally from 1.1073 (10/25/19), the euro dropped to 1.1074. Recovery of the trend line reversed script to drop to 1.1067. On the day the currency pair EURUSD rose to 1.1118.
In fact, we have:
Buyers EURUSD broke through the upper channel line.
Growth EURUSD above 1.1107 (maximum between two minimums 1.1073 and 1.1074) confirmed the "double bottom".
Economic Calendar Wednesday dense. Of these, we should mention the meeting of the Bank of Canada and US Federal Reserve, as well as data on US GDP for the first quarter performance and Jerome Powell. It is expected that the Bank of Canada will keep rates and the Fed will lower by 25 bps Since the reduction of the rate taken into account by the market, then at lower focus immediately switches to a press conference the head of the US Federal Reserve. GDP expected to decline from 2% to 1.6%. The data will be released at 15:30 (MSK), so the volatility spike should not wait until the announcement of the FOMC decision.
When important events are planned, in which the unknown future response of speculators and investors, we refrain from price prediction. If you look at the euro yesterday's model, customers EURUSD opened the way to 1.1163.
EURUSD forecast today Alpari