1. Technical Overview
The long upper wicks attached to the previous two daily candles indicate the pair's corrective bounce from Oct. 1's low of 1.0879 has run out of steam near the 21-day moving average (MA).
As of writing, the pair is trading around 1.0980 and the 21-day MA is located at 1.0996. The pair will likely find acceptance above the key MA hurdle, signaling a continuation of the recovery rally if the German Factory Orders blow past expectations.
2. Fundamental Overview
The Factory orders released by the Deutsche Bundesbank is an indicator that includes shipments, inventories, and new and unfilled orders. An increase in the factory order total may indicate an expansion in the German economy and could be an inflationary factor. It is worth noting that the German Factory barely influences, either positively or negatively, the total Eurozone GDP. A high reading is positive (or bullish) for the EUR, while a low reading is negative.
The long upper wicks attached to the previous two daily candles indicate the pair's corrective bounce from Oct. 1's low of 1.0879 has run out of steam near the 21-day moving average (MA).
As of writing, the pair is trading around 1.0980 and the 21-day MA is located at 1.0996. The pair will likely find acceptance above the key MA hurdle, signaling a continuation of the recovery rally if the German Factory Orders blow past expectations.
2. Fundamental Overview
The Factory orders released by the Deutsche Bundesbank is an indicator that includes shipments, inventories, and new and unfilled orders. An increase in the factory order total may indicate an expansion in the German economy and could be an inflationary factor. It is worth noting that the German Factory barely influences, either positively or negatively, the total Eurozone GDP. A high reading is positive (or bullish) for the EUR, while a low reading is negative.
