The bearish trend of EUR/USD may end soon

Before Thursday investors may buy euro strongly preparing the European Central Bank meeting in Frankfurt. Even inflation in Europe remained below the ECB’s target, ECB’s President Draghi may decrease in monetary expansion volume to 30 billion euro from the current 60 billion euro in this week's meeting, and the ECB will extend QE until the end of 2018. Therefore, Euro may rise higher again. I suggest to use 1.18531 or 1.19 points to be a first resistance line but it may break this resistance line before Thursday.

In contrast, the German manufacturing PMI at 14.30 may give negative for euro because the October forecasting is lower than September. But it may higher than expect and give positive for euro. Thai baht may move around 33-33.5 Thai baht per dollar.
If U.S. dollar may edge lower slightly, gold price can move sideways up. In my opinion, greenback may hold steady so it currencies more likely move as flat or it may fall lower a little bit. Moreover, New York stock exchange may keep it in strong bullish trend by higher expectation of manufacturing and service PMI at 20.45 GMT+7.
By Niramon Nitnitiphruet
Financial analyst, Olymp Trade

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