It will be worth keeping EUR/USD on the watchlist this week as German PPI for October printed softer-than-expected.
EU will release flash PMI estimates for November on Wednesday, with the data expected to further signal a slowdown in the region’s economy. Combine that with PMI data from the US and FOMC Minutes that are also due later in the day, and this pair could be in for some additional volatility.
EUR/USD finally managed to break above its long-standing bearish channel late last month, and has since also established itself back above parity. However, the pair seems to have found resistance at its 200-day MA, and recession fears in the Eurozone could kickstart a new leg lower from here.
Click the link for a deeper insight into the factors driving EUR/USD and key technical levels to keep an eye on: