EURUSD:
The EUR/USD pair reached a new ten-week low on Monday, marking the start of the new trading week with another decline. The euro lost 0.25% against the dollar, breaching its 200-day exponential moving average (EMA) as a result of the dollar’s strength and the euro’s general weakening.
The latest results of the European Central Bank’s (ECB) lending survey are scheduled for release on Tuesday, and investors will be monitoring for any indications regarding the overall health of the European banking sector this week.
The final European harmonised consumer price index (HICP) inflation data is scheduled for release on Thursday morning, but is unlikely to have a significant impact on market volatility as investors focus on the European Central Bank (ECB) meeting, where a 25-basis point interest rate cut is expected.
The next significant data release from the US is scheduled for Thursday, when US retail sales are expected to show a modest increase of 0.3% m/m in September, following a relatively subdued August reading of 0.1%.
Trade recommendation: Trading predominantly Sell orders from the current price level.
Origin: FreshForex
