EUR/USD has been quite corrective and volatile recently in a bearish trend which is currently residing below 1.1800 price level. Recently EUR has been quite positive with the economic reports whereas USD was found having series of negative reports ahead of Rate Hike in December. NFP report was unable to help USD on Friday due to its worse report whereas another positive report could not help the currency to maintain its gains against EUR. Today EUR German Trade Balance report is going to be published which is expected to show growth to 19.8B from the previous value of 19.5B, French Industrial Production report is expected to decrease to 0.4% from the previous value of 0.5%, Italian Industrial Production report is expected to be unchanged at 0.1% and ECOFIN meeting is going to be held today which is expected to be neutral in nature. On the USD side, after the observance of Columbus Day, today NFIB Small Business Index report is going to be published which is expected to have slight decrease to 105.1 from the previous figure of 105.3, IBD/TIPP Economic Optimism report is expected to show a rise to 54.2 from the previous figure of 53.4 and FOMC Member Kashkari is going to speak today about nation's key interest and future monetary policies which are expected to be quite neutral in nature. As of the current scenario, EUR is quite stronger in nature with the economic reports and have positive forecasts as well whereas USD is struggling to make any gains with the mixed economic reports. USD is expected to quite weak in nature until the December FOMC meeting and Rate hike, until then EUR is expected to have steady gains over USD in the coming days.
Now let us look at the technical view, the price is currently residing at the edge of 1.1800 resistance level which is expected to reach 1.1620 support level in the coming days. As of the bearish trend in place, the price is expected to progress downward as the price remains below 1.20 resistance area.
