IMPACT ON THE EURO -
The second allotment of the TLRO came in at 129.84 billion Euros, but it was expected at 148.84 billion Euros. Today, the focus has shifted to the industrial production report, the employment change data, and German wholesale price index. We are expecting industrial production to rise by 0.2% or 0.3% after a progress in October. As for the employment data, we are expecting the same. Speaking about Germany's WPI, we are expecting 0.3% growth after a 0.6% fall.
Technical view -
The cross managed to close above 20Dsma at yesterday's session. The cross managed to pause its 3-day losing streak. Today, the cross opened with a bullish buas, opened lower 147.24. It has been facing strong resistance at 20hrsma and support around 147.20. In case if the prices manage to trade above 20hrsma, it can challenge 147.72, 147.95, and 148.05. The trading pattern is framed between 147.20 and 147.70. We can expect strong upswing momentum only above 148.10 and 34hrsma levels. On the h4 chart, the prices are closed and trading below a 3-week trend line. Until the prices close above the trend line, bears have an upper hand in the near term.
Trade: sell below 147.20.
The material has been provided by InstaForex Company - www.instaforex.com
