EURUSD

EURUSD was little changed today, trading at 1.0847 after it gained yesterday. EZ GDP unexpectedly grew by 0.4 QoQ in Q32024, stronger than the estimates of 0.2, pushing the traders to buy EUR yesterday amid expectations that ECB may not cut the rates soon. Another busy day ahead from EZ with inflation numbers for the month of October ECB monthly economic bulletin. 

Price action kept advancing, creating new support levels at 1.0775 1.0815, cementing reentry points for market bulls. Next target will be at 1.0870 which is doable.

USDJPY

As expected, Bank of Japan kept the interest rate unchanged at 0.25 in todays meeting. What matters now is BoJ press conference BoJ governor speech later today, is BoJ going to change or modify its monetary policy? USDJPY traded slightly weaker today at 152.96. Japans industrial production improved in September, stronger than before while the retail traded declined. Keep an eye on the US bond yields, as long as the yields remain elevated, USDJPY is unlikely to fall quickly.

 Price action started falling, targeting 152.50 then 151.75 with almost 40 in bearish bias only 20 bullish. 1H index is bearish.

GBPUSD

GBPUSD traded almost unchanged today at 1.2949 amid tight volatility for the last few sessions as the UK calendar has no major economic releases. According to the Office for Budget in the UK, new economic measures by the UK government will increase inflation by 0.4, which means that the inflation average will…