Although, as we remember, Europe initially failed in preventing the spread and the negative effects of the coronavirus. IMF economists expect eurozone GDP to fall by 6.3% this year, but to grow by 5% in 2022. As for inflationary pressures in the euro area, the IMF representatives express confidence that there will be no long-term period of high inflation as energy-related resource prices will fall next year. Overall, according to IMF experts, the global economy is recovering more quickly than might have been expected 10-12 months ago. The Eurozone consumer confidence index is due to be published today. As for the US data, you should pay attention to the initial jobless claims report as well as the release of secondary market housing sales.
Daily
As mentioned earlier, the EUR/USD pair rose during trading on October 20, but this did not change the technical situation in any way. The euro bulls managed to close yesterday's trading above the resistance level of 1.1640 but failed to break the key resistance of the sellers at 1.1670. Moreover, the quoted price hasn't even reached this important and strong level, above which the blue Kijun line of the Ichimoku indicator is also located. Both the Kijun and the 50-straight moving average at 1.1710 are able to create a very strong resistance for the pair to advance northwards. It is likely that until these obstacles are overcome, no further currency appreciation can be expected. At the time of writing, EUR/USD had risen to 1.1668, but then it retreated and is now trading slightly lower. The bears need to go under 1.1600 and then try again to break the strong support at 1.1525. These are the objectives of the opposing sides on the daily chart.
H1