LiteForex_Official

EUR/USD: remains under pressure

FX:EURUSD   Euro Fx/U.S. Dollar
174 0 1
Current trend

On Monday, despite weak US ISM Manufacturing PMI, which declined from 50.2 to 50.1 points in October, the US dollar             managed to strengthen against most its counterparts at the end of the trading day.
During last three weeks, the price of gold             has been falling, indicating that investors are getting ready for a possible US interest rate hike. As long as there is a 92% correlation between the price of gold             and the EUR/USD             pair, this downward dynamics cannot be overlooked while analyzing further movement of the EUR/USD             pair.
Today it is worth noting the ECB President Mario Draghi's Speech. The head of the ECB will comment on prospects of the EU monetary policy.

Support and resistance

OsMA and Stochastic on the 4-hour, weekly and monthly charts are giving sell signals. On the daily chart , they, probably, indicate that an upward correction has not finished yet. While the price remains below the levels of 1.1235 (EMA144 on the daily chart ), 1.1285 (23.6% Fibonacci), 1.1350 (EMA200 on the daily chart ), short positions are more preferable. The breakdown of the level of 1.1020 (the lower border of an upward channel on the weekly chart) may allow the price to continue declining to 1.0860, 1.0820 and 1.0500 (year lows).
Support levels: 1.0900, 1.0860, 1.0820.
Resistance levels: 1.1050, 1.1235, 1.1285, 1.1350.

Trading tips

Open short positions from the level of 1.0990 with targets at 1.0910, 1.0860, 1.0820 and stop-loss at 1.1035 or when the price turns down at the level of 1.1050 with targets at 1.0910, 1.0860, 1.0820 and stop-loss at 1.1090.
Open long positions from the level of 1.1120 with targets at 1.1150, 1.1200, 1.1250 and stop-loss at 1.1080.
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out