EUR/USD Bearish Channel Plays Well – Signal Making 20 Green Pips 

[[EUR/USD]] closed at 1.10994 after placing a high of 1.11065 and low of 1.10760. The overall movement for EUR/USD remained bullish. The German import prices for September showed growth to 0.6% against the expectations of 0.1% and supported the single currency Euro. However, at 14:00 GMT, the Money Supply from Eurozone came at 5.5%, which was less than the expected 5.7% and weighed on the Euro. Private loans for this year from Eurozone remained unchanged at 3.4%.

The positive macroeconomic release from Germany about import prices reduced the possibility of recession in the German economy. The positive hopes for the biggest economy of the Eurozone gave a boost to the Euro at the starting day of the week, which resulted in the strong Bullish trend for EUR/USD.

However, the upward movement of the EUR/USD pair had pressure after the release of macroeconomic data from the American side. The positive international trade goods balance & wholesale inventories from the US put a little pressure on EUR/USD during the late trading session on Monday.

The strong USD on Monday couldn’t break the bullish sentiment of the pair because of the hope for third rate cut from Fed this week in its meeting.

EUR/USD – Technical Levels
Support Resistance
1.1085 1.1111
1.107 1.1121
1.1045 1.1147
Key Trading Level: 1.1096

EUR/USD – Forex Trading Signal
The idea today is to stay bearish below 1.1096 with a stop loss above 1.1125 and take a profit of 1.1065.

Good luck!