With a price of more than 1,1700, the EUR (German currency) inched higher against the US dollar. This positive increase illuminates the bright light in EURUSD ‘s fragile space, which has been in the worst condition since the beginning of September.

The unfavorable data of the US played a significant role in the growth of EURUSD. 

The US Board of Governors released industrial production data on October 16, 2020, which, according to the survey, decreased from 0.4 percent to -0.6 percent compared to the previous month.

Industrial Output indicates the production rate of US sectors, such as manufacturing and factories. The upward trend is considered inflationary, which may predict an increase in interest rates. It can generate an optimistic (or bullish) sentiment for the USD if strong industrial output growth emerges.

Then, there is the second update regarding the Monthly Budget Statement, which was released by the Federal Management Service, which surpassed its value from the expectation of the economist and set at -$125 B. 

The Monthly Budget Statement summarizes the financial operations of federal agencies, disbursing officers, and Federal Reserve banks. For the USD, a positive budget declaration that collections surpass budgetary outlays is bullish. A negative figure (deficit), on the other hand, suggests government debt.

The price has faced many resistances on the upper side, which might not allow the pair EURUSD to grow further as exhibited in the picture above.

Conclusion

The EURUSD is in a state of uncertainty because, it has no favorable upcoming news to lift its price, but, on the other side, it has several support levels to aid it.