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EUR/USD Prediction for October 3, 2016

By:
David Becker

The EUR/USD moved higher rebounding during the early North American trading session as Deutsche Bank gained traction swinging nearly 20% from the low to

EUR/USD Prediction for October 3, 2016

The EUR/USD moved higher rebounding during the early North American trading session as Deutsche Bank gained traction swinging nearly 20% from the low to the high of the trading session.  An in-line personal income report failed to buoy the dollar.  Resistance is seen near the September highs at 1.1327, while support is seen near the 10-day moving average at 1.1209.  Momentum is neutral with the MACD (moving average convergence divergence) index printing near the zero index level with a flat trajectory which reflects consolidation.

U.S. personal income rose 0.2% in August, with spending unchanged. The 0.4% increase in July income was not revised, but the 0.3% spending gain was bumped up to 0.4%. Wage and salary income was up 0.1% versus 0.5% previously. Disposable income edged up 0.2% from 0.4%. The savings rate edged up to 5.7% from 5.6%. The PCE price index was up 0.1% compared to unchanged last month, while the core rate rose 0.2% from 0.1%.

About the Author

David Becker focuses his attention on various consulting and portfolio management activities at Fortuity LLC, where he currently provides oversight for a multimillion-dollar portfolio consisting of commodities, debt, equities, real estate, and more.

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