EUR/USD was was hit hard, breaking below low support Is the road open to the challenge the 12 year lows? Or can we stabilize here? The focus now shifts to the GDP figures, among other events. Here is an outlook for the highlights of this week and an updated technical analysis for EUR/USD.
Mario Draghi kept the pressure on the common currency by repeating his intent to introduce more monetary stimulus in December. While some PMI figures were OK, German data was worrying, especially factory orders. In the US, we had our share of unimpressive data, but the Non-Farm Payrolls more than beat expectations, with 271K jobs gained and a 2.5% y/y gain in wages, certainly keeping the December rate hike option wide open. Will this divergence continue?
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