An analysis of the previous day

On Friday, October 27, the dollar index continued to strengthen across the entire spectrum of the market, receiving support from the sale of the euro. An additional stimulus to strengthening the American was the optimistic preliminary data on the US GDP. Despite this, the US dollar remains in a significant overbought zone, which is confirmed by the market reaction to weak statistics by the University of Michigan.

Market readiness for correction relative to the EUR/USD pair is very significant. One should expect this at the beginning of next week on the move of this pair and the market against Friday.

Anton Hanzenko