Daily Forex Market Preview, 20/11/2017
The U.S. dollar was seen easing back by Friday’s close. This came amid a slightly better than expected building permits and housing starts data. However, the markets shrugged aside the data and the U.S. dollar index continues to consolidate near the Support level.
Canada released its monthly inflation figures. Data showed that consumer prices eased in October as inflation slowed to 1.4% annually. This was slower than the 1.6% increase registered on an annual basis the month before. The decline in the inflation came on account of slower fuel price increase.
Looking ahead, the economic data today includes a scheduled speech by ECB President Mario Draghi. Draghi is expected to testify to the European Parliament in Brussels today and the recent ECB’s monetary policy actions are likely to be addressed as well. On the economic front, data today includes the German PPI numbers which is forecast to rise 0.2% compared to 0.3% increase posted previously.
EURUSD (1.1733): The Eurusd managed to consolidate near the 1.1800 handle on Friday. Price action remains slightly bullish following the breakout above the 1.1704 resistance level. In the near term, EURUSD might be posting a pullback towards the 1.1704 support level. Establishing support here could keep EURUSD biased to the upside. The next main resistance that could be targeted comes in at 1.1950 region. To the downside, in the event that EURUSD slips below 1.1704 – 1.1672 level and fails to establish support we can expect the downside momentum to push the currency lower towards the 1.1500 support.
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