EUR/USD (a 4-hour chart)
The industrial sector business optimism by Markit Economics in October showed a symbolic increase and therefore we can expect the data release at the level of 0.1% - 0.2%. We cannot count on the strong release in terms of the France manufacturing sector strong reduction. The US producer price index data can also reach the level of the forecasted medians amid the "bears’ rally" on the oil futures market. The consumer sentiment index by the University of Michigan can also be at the consensus forecast.
The rice almost came to the upper border of the downtrend channel 1.2500, then it rebounded down. The rebound target was the support level of 1.2400, from which the price rose up.
The price is finding the first support at 1.2400, the next one is at 1.2300. The price is finding the first resistance at 1.2500, the next one is at 1.2600.
There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows an upward movement. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is increasing.
If the price fixates below the support 1.2400, it may continue the downward trend in the short term. The potential targets are 1.2300 and 1.2200.