On Monday, Euro rose and fell back, reaching a maximum of 1.1640. Recently, the initial value of the Euro Consumer Price Index (CPI) rose 3.4% in September, which was more than the expected increase of 3.3%. Among them, energy soared by more than 17% year-on-year, the fastest growth rate since 2008. How the central bank responds to soaring inflation will be a key determinant of currency performance. So far, the main figures of the European Central Bank are still determined doves.
From a technical perspective, EURUSD’s daily candle closed bullish, but indicators have not seen shown a stable bullish signal. The indicators show that EURUSD is at a short-term weak rebound. H4 graph shows that EURUSD continues to close with a small bullish and bearish candle, indicating that the market is weak. The candle is hovering around 1.1600 on the middle BOLL band and MA5. Overall prioritize Sell on High prices. Consider the support zone and resistance zone, the deciding point whether to buy or sell is near 1.1640.
Resistance：1.1640-1.1670-1.1700
Support：1.1580-1.1560-1.1500
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