The forecast for EUR / USD for November 1, 2018

EUR / USD

As we expected in yesterday's forecast, retail sales in Germany in September were worse than the forecast. The indicator showed 0.1% against the expected 0.5%. The consumer price index in the euro area rose to an expected 2.2% from 2.1% in September, the unemployment rate in Italy increased from 9.8% to 10.1%, the overall unemployment rate in the eurozone remained at the same 8.1%.

In the US private sector, according to ADP estimates, 227 thousand new jobs were created in October against the forecast of 188 thousand, the cost of labor for the 3rd quarter increased by 0.8% against expectations of 0.7% and 0.6% in 2 m quarter, which indicates a strong labor market and almost no doubt in strong expanded data on labor on Friday. As a result, the euro lost 40 points, reaching the target level of 1.1300.

Today, there is a correction from the achieved level. We are awaiting its completion near the Kruzenshtern line on the four-hour chart (1.1394).

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