empty
 
 
it
Supporto
Apertura rapida di un conto
Piattaforma di trading
Ricaricare / Prelevare

12.11.202108:16 Forex Analysis & Reviews: Breaking forecast for EUR/USD on October 12, 2021

The euro was expected to rise after the events that took place on Wednesday. However, the UK macroeconomic data turned out to be significantly worse than anticipated. As a result, the pound sterling began losing value, thus pushing other currencies lower. That is why the euro also dropped. Today, it is the euro that will cause a decline in other currencies. This time, the European macroeconomic report will affect the whole market. Thus, the eurozone industrial production may show a smaller rise of 4.5% compared to an increase of 5.1% in the previous period. Notably, it is the most optimistic forecast. Some analysts suppose that the indicator's growth may slacken to 4.1%. In any case, the eurozone economic recovery is likely to slow down.

Eurozone Industrial Production

Exchange Rates 12.11.2021 analysis

Since the beginning of the trading week, the euro has lost more than 150 pips against the US dollar. This is a sharp change in a short period of time that could be described as an inertial movement. The price has already passed some important levels. However, speculators may push the price even deeper. Now, the quote is hovering near the local low of 2021.

Against such a significant price change, the RSI technical indicator dropped below the 20 level on the four-hour chart. This points to a high oversold level of the euro.

On the daily chart, we see a change in the mid-term trend. The trend that began in early June remains the main one.

Outlook

Although the euro is significantly oversold, it is likely to go on losing value. Thus, the currency may decline to 1.1400.

In terms of the complex indicator analysis, we see that technical indicators are signaling sell opportunities on the intraday and mid-term periods due to the prolongation of the downward movement.

Exchange Rates 12.11.2021 analysis

*La presente analisi del mercato ha un carattere esclusivamente informativo e non rappresenta una guida per l`effettuazione di una transazione.

Dean Leo,
Analytical expert of InstaSpot
© 2007-2024
Approfittati subito dei consigli degli analisti
Deposita i fondi sul conto di trading
Apri un conto di trading

Le recensioni analitiche di InstaSpot ti renderanno pienamente consapevole delle tendenze del mercato! Essendo un cliente InstaSpot, ti viene fornito un gran numero di servizi gratuiti per il trading efficiente.

Mostra di più
In questo momento non potete parlare al telefono?
Ponete la vostra domanda nella chat.