Immediate resistance is at $1.31346, with further resistance levels at $1.31676 and $1.32003. On the downside, look for support at $1.30585; a drop below that could push the pair towards $1.30312 or even $1.30026.
The 50-day EMA at $1.31489 adds to the overhead resistance, while the 200-day EMA at $1.3221 suggests the pair needs a solid breakout to confirm a bullish trend.
For now, the bias remains cautious unless GBP/USD holds above $1.31048.
EUR wins thanks to strong German figures; All eyes on ECOFIN meetings
The euro (EUR) saw upward momentum after German industrial production rose 2.9% in September, well above the 0.8% forecast, recovering from a -2.9% decline in August. However, the French trade balance increased to -7.4 billion euros, due to trade deficits.
Today’s focus shifts to the ECOFIN meetings and a speech by German Buba President Nagel, which could provide insight into the economic outlook and influence the short-term movement of the euro.
EUR/USD Technical Forecast
The EUR/USD pair is trading at $1.09923, up 0.16% in the last session. It is just above the pivot point at $1.09839, indicating a potential bullish trend if this level is maintained.