EURUSD Daily Forecast Oct 26 2016

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EURO - dollar - 65985-

EURUSD: Bearish, Risk Remains Lower To 1.1343 level…

As long as 1.1408 – broken support turned resistance – holds on a daily closing basis, the EURUSD remains on the downside to 1.1343 level, a halt is likely and it may test 1.1408 before another fall, however; below 1.1343 aims 1.1290 levels, further down, support comes at 1.1230 level ahead of 1.1179 (main).

On the upside, immediate resistance comes at 1.1408 levels, above that level sees limited gains to 1.1448/1.1462 levels where rejection is likely, above 1.1462 sees recovery threats to 1.1515 level (main).

Conclusion: The EURUSD continues to face downside threats below 1.1408 level.

Support: 1.1343, 1.1290, 1.1230, 1.1179

Resistance: 1.1408, 1.1462, 1.1515, 1.1577

Key data/events which may affect EURUSD today:

  • U.S Advanced Third Quarter GDP at 12:30 GMT. The U.S economy is expected to expand at an annual rate of 3.3% in the July-Sept period, down from a growth of 4.2%. Any reading above 3.3% is supposed to support the USD while below that level may bring a corrective pullback.
  • ECB President Draghi Speaks at 14:00 GMT.

MARKET DATA

UPCOMING ECONOMIC EVENTS

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