EUR/USD rises as the US government shuts down and EZ inflation data is due. FTSE 100 hits fresh record highs, boosted by pharmaceuticals.US government entered a shutdown at 04:00 GMTEurozone inflation is expected to rise to 2.2% YoYEUR/USD rises for a fifth dayEUR/USD is rising for a fifth straight session amid US dollar weakness as the US government shuts down and ahead of Eurozone inflation data.The USD has fallen to its lowest level of the week as the US government entered a shutdown, which will likely affect the release of crucial jobs data.Government funding expired at midnight in Washington after Democrats and Republicans failed to reach a last-minute deal. The chamber is expected to vote again later today.The shutdown could mean a delay in the release of Friday’s nonfarm payroll report at a critical time when the Federal Reserve is weighing further rate cuts to support the weakening labor market.JOLTS job openings data yesterday showed that job openings increased marginally in August, but hiring declined. Attention will now turn to the ADP payroll report later today, which is expected to show that 50k jobs were added in September, down from 54k in August. Weaker-than-forecast data could send USD lower.The EUR is rising as attention turns to eurozone inflation data, which is expected to rise to 2.2% YoY from 2%. Hotter inflation data will confirm expectations that the ECB is unlikely to cut rates again soon.The market is pricing in a 35 basis points of cuts between now and June next year.EUR/USD Forecast – Technical AnalysisAfter finding support around 1.1645, the 50 SMA and the falling trendline dating back to July, EUR/USD has pushed higher, looking to test the rising trendline resistance. However, the long upper wicks on candles this week suggest the move higher may lack conviction.Buyers will need to rise above 1.1830 to create a higher high. Above here, 1.1920 comes into focus.Support can be seen at the 1.650-1.17 zone. A break below here opens the door to 1.1580.FTSE 100 Hits Fresh Record Highs, Boosted by PharmaceuticalsFTSE outperforms as US government shutdown dampens sentimentPharmaceuticals lead the gains amid more clarity on tariffs and pricingFTSE 100 rises above 9400After 6% gains across the third quarter, the FTSE 100 has started the final quarter of the year on the front foot, hitting fresh record highs above 9400. The move higher comes despite a broader risk-off mood across the financial markets after the US government shutdown, as Congress failed to pass a funding bill.Pharmaceuticals are leading the charge, with AstraZeneca (LON:AZN) and GlaxoSmithKline (LON:GSK) leading the charge higher following more clarity from Trump over tariffs and pricing.Yesterday, the Trump administration agreed on its first deal on drug pricing with Pfizer (NYSE:PFE). This includes a three-year grace period during which its products won’t face tariffs, provided it increases its investment in the US. The deal has boosted optimism that similar agreements can be reached with other major pharmaceuticals.Elsewhere, energy stocks are tracking oil prices higher, and JD Sports is rising 0.5% after Nike (NYSE:NKE) reported a smaller-than-expected decline in sales.FTSE 100 Forecast - Technical AnalysisThe FTSE 100 trades within a rising channel. The price has risen above 9360 to a fresh record high above 9400. The price is testing the resistance of the mid-point of the channel as it looks towards 9500.Support is seen at 9360, the August high. Below here 9200 the round number and 50 SMA comes into focus.Original Post