Analysis and forecasts for EUR / USD 28/10/15

FX:EURUSD   Euro / U.S. Dollar
The beginning of the current week is marked by correction of recent decline that took place after the conference, Mario Draghi. (Eventually, the common currency ended last week, a decline from the 1.1349 to the 1.1018 level, which is the worst weekly performance since May of this year).
Returning to the technical situation on the EUR / USD pair is worth noting that the demand side has reached the first resistance level located at 1,1070-1,1075, whose defeat opens the way towards the level of 1,1138-40 or even in the vicinity of 1,1175- 90. In my opinion this is the potential scope of correction, after which we should return to further declines.
The highlight of Wednesday's session is without a doubt the publication of the FOMC statement, which should not surprise investors and promote the common currency. (A series of weaker data from the US rejected at the time, a possible interest rate hike - March 2016?).
Accordingly, there is a chance to develop corrections to the resistance that presented above.
Regardless of the evening publication of the FOMC, it will be worth to pay attention to data | Germany: GfK consumer climate, which can also be a support for the euro .


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