ECB Nagel is on the wires saying”
PMI data confirm that Germany is stagnating and start of next year will be complicatedNeed to wait for next projections before discussing rate capsize.We are on the right track
Nagel is considered more of a hawk.
The EURUSD fell sharply earlier today off of the weaker than expected PMI data, The price did snapback higher moving back above the 50% midpoint of the range since the 2022 low. The 50% retracement comes in at 1.0405. The corrective high came in just below the 38.2% retracement of the range for this week’s trading. That level comes in at 1.04372.
The 50% is acting as close support at 1.0405, while the 38.2% is close resistant 1.04372. Look for breaks to help dictate the next move. Do sellers keep in firm control, or does the focus shift to a weaker dollar?
This article was written by Greg Michalowski at www.forexlive.com.
