FX.co ★ EUR/USD analysis for October 08 2020 - Completion of the ABC downward correction and potential for rally towards 1.1780

• Prior €19.2 billion
• Current account balance €16.5 billion vs €16.2 billion expected
• Prior €20.0 billion; revised to €21.0 billion

• Exports +2.4% vs +1.5% m/m expected
• Prior +4.7%
• Imports +5.8% vs +1.5% m/m expected
• Prior +1.1%

The data is released slightly earlier than expected (by about 30 seconds). But it shows a reduced trade surplus as imports grew at a faster pace than exports on the month.

Further Development

Analyzing the current trading chart of EUR, I found that there is potential completion of the downward correction ABC based on the hourly time-frame.

1-Day relative strength performance Finviz

Based on the graph above I found that on the top of the list we got Heating Oil and Crude Oil and on the bottom Natural Gas and Lumber.

EUR is neutral so far today on the relative strength list....

Key Levels:

Resistance: 1,1780

Support level: 1,1750