EUR/USD (current price: 1.0970)
The most popular currency pair has been trading in a declining short-term trend in the last two weeks, as the speculation regarding the next FED meeting in November dominated the market. The common currency lost ground compared to the Dollar again yesterday, as the worse than expected Chinese Industrial Production number and the slight positive surprise concerning the U.S. real estate market pushed the pair lower. The cross is still hovering around the 1.10 level, just above the long-term support near 1.0850.
Our assessment: EUR/USD is stuck below the flat 200-day MA, as the long-term picture remains neutral, with all eyes on the Brexit talks and the Federal Reserve’s monetary policy.
