Affiliate Disclosure
Affiliate Disclosure adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

EUR/USD Forex Signal: Rally Takes a Breather But More Upside Possible

The EUR/USD pair also moved sideways after the latest estimate of European GDP data.

Top Forex Brokers


    Bullish view

    • Buy the EUR/USD pair and set a take-profit at 1.0960.
    • Add a stop-loss at 1.0800.
    • Timeline: 1-2 days.

    Bearish view

    • Set a sell-stop at 1.0850 and a take-profit at 1.0755.
    • Add a stop-loss at 1.0900.

    The EUR/USD exchange rate is loitering near the highest point since September 1st as traders reflected on key US economic data. The pair jumped to a high of 1.0890 on Wednesday, much higher than the year-to-date low of 1.0445.

    Key US economic data ahead

    The EUR/USD rally took a breather during the American and Asian sessions as traders reflected on the recent US economic data. On Tuesday, the country released encouraging inflation data.

    US inflation, which peaked at a 40-year high of 9.1% in 2022, has now dropped to 3.2%. Core inflation also retreated from 4.2% in September to 4.0% in October. This is a sign that the Fed is managing to engineer a soft landing of the economy.

    The US also released better-than-expected retail sales numbers. The volume of retail sales dropped by 0.1% in October, better than the estimated decline of 0.3%. Core sales rose by 0.1%, higher than the expected drop of 0.2%.

    The implication of these numbers is that the Federal Reserve will likely hold interest rates at the current level in the coming meetings. If inflation continues falling, there is a likelihood that the bank will start cutting them in 2024.

    Several Federal Reserve officials will make headlines on Thursday as they talk about the recent numbers and what to expect. They include John Williams, the head of New York Federal Reserve, Loretta Mester, and Christopher Waller. In a statement on Wednesday, Mary Daly of San Francisco Fed maintained that inflation was still higher than the target of 2.0%.

    The EUR/USD pair also moved sideways after the latest estimate of European GDP data. According to the European Commission, the bloc’s economy is expected to improve by 1.3% in 2024 and then recover by 1.7% in 2025. The estimate came as data revealed that the industrial producton fell by 1.1% in September leading to a YoY drop of 6.9%.

    EUR/USD technical analysis

    The EUR/USD exchange rate pulled back slightly after the weak European industrial production data. It retreated from this week’s high of 1.0890 to a low of 1.0843. It pulled back below the key support level at 1.0861, which was the 50% Fibonacci Retracement level.

    The pair remains above the upper side of the widening wedge pattern. It has also jumped above the 50-day moving average. Therefore, it will likely resume the bullish trend as buyers target the 61.8% retracement point at 1.0960.


    Ready to trade our daily Forex signals? Here’s a list of some of the top 10 forex brokers in the world to check out.

    Crispus Nyaga
    About Crispus Nyaga
    Crispus Nyaga is a financial analyst, coach, and trader with more than 8 years in the industry. He has worked for leading companies like ATFX, easyMarkets, and OctaFx. Further, he has published widely in platforms like SeekingAlpha, Investing Cube,, and Invezz. In his free time, he likes watching golf and spending time with his wife and child.

    Most Visited Forex Broker Reviews