Forex traders will start the new trading week with PMI data across the Eurozone, any downward revisions to previous October reading are likely to pressure the Euro lower. The Eurozone Sentix Investor Confidence is also anticipated to have an impact on price action. With a new ECB President, will there be changes to monetary policy or will it remain the same Draghi ECB under a new proxy? Will bulls power ahead and rally the EURAUD or will bears force more downside? Today’s fundamental analysis will take a look at price action in both directions.

Australian retail sales posted a smaller monthly increase in October and an unexpected quarterly contraction excluding inflation. Job advertisements also decreased, but the Australian Dollar extended its advance against the Euro as a potential ASEAN trade pact has boosted economic confidence. How will the EURAUD be impacted by this development? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.