Euro rose slightly on Tuesday, and the U.S. October Producer Price Index (PPI) rose strongly, suggesting that high inflation may continue for some time. USD fell and rebounded, putting a certain downward pressure on Euro. Tensions between the EU and Poland still exist.
From a technical perspective, Euro fell and rebounded and closed bullish for three consecutive days. Currently it was under pressure from the middle BOLL band, and the moving average is slowing down. H4 graph shows that EURUSD is stable above the BOLL band, Euro has ended its reversal, and there is a high probability of EURUSD falling under fluctuation zone. Overall, prioritise BUY within the fluctuation zone. The chart below is showing the key point and the estimated trend, the deciding point is near 1.1570.
Resistance：1.1610-1.1630-1.1650
Support：1.1570-1.1550-1.1520
This material is from Quant Tech Limited and is being posted with permission from Quant Tech Limited. The views expressed in this material are solely those of the author and/or Quant Tech Limited and BTCDana is not endorsing or recommending any investment or trading discussed in the material. Before acting on this material, you should consider whether it is suitable for your circumstances and as necessary, seek professional advice