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15.11.201808:19 Forex Analysis & Reviews: Forecast for EUR / USD for November 15, 2018

Long-term review

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EUR / USD

The focus of investors on Wednesday was drawn to the process of accepting Brexit conditions by the British Cabinet. It's successful completion has strengthened the euro by 20 points. EU negotiator M. Barnier further mitigated the situation with assurances about the possibility of extending the transitional period after Brexit.

Eurozone GDP for the 3rd quarter remained at the expected 0.2%. Industrial production in September fell by -0.3% against the forecast of -0.4%. Today, the euro zone trade balance for September is foreseen at 16.4 billion euros against 16.6 billion in August. In the US, strong retail sales data for the past month is expected. The forecast on the base indicator (retail sales excluding cars) is 0.5%, from a total of 0.6%. Expected growth is higher than historically average values.

Technically, the euro stopped at the resistance of Krusenstern indicator lines (blue) and balance (red) on H4. We have expected from these lines a turn of the euro down on the basis of macroeconomic data and a price reduction to 1.1190.

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