Yesterday there was a Federal Reserve meeting and a publication of their interest rate decision, which was left unchanged at the previous level of 1.25%.
Today we expect data from Germany on unemployment and the index of business activity in the manufacturing sector.
In the United States there will also be a number of reports on macroeconomics and performances by members of the FOMC.
At the moment we can see that our pair has been declining since the second week of September and is inside a descending channel. Data published on the buy-back of bonds last week in Europe caused a drop in the single currency and the EUR/USD reached the level $1.1575, which is a three-month low. Our pair approached the bottom of the channel. Furthermore, the price fell and was trading below a sufficiently strong level of 1.1690.
So far we do not have a turn signal, which means that we need to look for a point of entry for short positions. For those it is best to look at the mark of 1.1690 and set the take-profit order near the lower boundary of the channel.
