Euro Weekly

4 พ.ย. 2012

the midterm uptrend move to test 1.317 is fading as the pair goes further below the daily uptrend line and crosses it's ranging support. The upside move of this pair is now limited to 1.29 and 1.3 as the USD Index managed to close above 80.5 and escape the ranging cage to the north.

the manufacturing PMI releases in several EU countries, the US Non Farm Payroll report and the continuing tension in Greece drives investors sentiment last Friday. PMI have 50 as baseline, if the actual manufacturing PMI is below 50 then the sentiment is still negative.

This sunday we have G20 meeting. The G20 meeting is a gathering of finance ministers and central bank governors from systematically important industrialized and emerging economies to discuss key issues in the global economy. Traders should pay close attention to this event as it might bring a new dimension to the markets.

Technically speaking we now have bearish view on mid term and still bearish view for the long term with 1.2746 as support. After last week experts and banks agree that this pair still looks constructive now they believe that the signal for a trend change for this pair is coming.

5 most important event for next week are :

1. ECB Interest Rate Decision (Nov 8)
2. BoE Interest Rate Decision (Nov 8)
3. RBA Interest Rate Decision (Nov 6)
4. ISM Non-Manufacturing PMI (Nov 5)
5. Consumer Price Index (YoY) (Nov 9)