There is a high probability that the EURUSD pair will pull back and retest the support level at 0.9862 and then resume the bullish trend. forexsignal TradingSignals
The pair jumped to a high of 1.000, which was the highest level since September 21st. It has risen by more than 4.5% from its lowest point last week.The EUR/USD price has been in a strong bullish trend in the past few days as investors focus on the fallingData published this week showed that the American economy was slowing down. For example, on Monday, numbers by the Institute of Supply Management revealed that the country’s manufacturing PMI declined in September.
The organization is expected to publish its non-manufacturing PMI later on Wednesday. These numbers are expected to show that the sector remained under intense pressure during the month. On Tuesday, numbers by the statistics agency showed that the number of job vacancies dropped by more than 1.1 million in August.On Tuesday, the Reserve Bank of Australia slowed its pace of rate hikes. It increased rates by a "business as usual" 0.
The EUR/USD pair also surged after the strong European inflation data. On Friday, numbers by Eurostat showed that European inflation increased by 10% in September. And on Tuesday, the agency said that Europe's producer price index rose by 43.3% in August after rising by 38% in the previous month. In Italy, PPI jumped by 50.5%.Analysts expect these numbers to be more encouraging than the disappointing manufacturing PMI data that was published on Monday.
As it rose, the pair managed to move above the important resistance level at. 0.9862, which was the lowest level on September 6. It also rose above the
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