EURUSD
Contrary to expectations that the Eurzoone PMI will improve in October, the data released by Markit Economics shows another disappointment for the EUR bulls.
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Looking at other EUR pairs, EURJPY has 20 pips lower as well, after it has enjoyed a great spell in the recent days. Similar to EURUSD, EURJPY is now trading below the 121.00 handle after it posted an intraday high of 121.38.
The pair is in a clear bullish mode having gained around 3% in October. Bulls are targeting the resistance zone of 121.80 – 122.20, which is constituted of the 161.8% Fibonacci resistance and the 200 WMA.