Global macro overview for 19/10/2015:
In the interview published this morning in Poland's "Rzeczpospolita", ECB policymaker Ewald Nowotny said the eurozone might need additional measures, like structural reforms and looser fiscal policy, to meet the economic growth projections. Moreover, he sees the current ECB fiscal policy as neutral indicating a possible change in the direction to more expansive fiscal policy. Please notice, the ECB meeting and interest rate decision release is scheduled for this Thursday at 11:45 am GMT.
The EUR/USD technical picture in the daily time frame looks bearish after the bearish engulfing pattern candlestick formation on the daily chart and doji candle on the weekly chart, suggesting more downside pressure in this market. The next support is seen at the level of 1.1318 and resistance is seen at the level of 1.1494.