EURUSD Daily Forecast Nov 01 2018

EURO - dollar -65986

EURUSD: Bearish Despite Recovery Attempts!

As long as 1.1350 resistance holds on a daily closing basis, the EURUSD remains on the downside to 1.1290 level. A halt is likely, but a cut would open 1.1245, further down, support comes at 1.1180 level.

On the upside, resistance comes at 1.1350 level, above that level sees recovery threats to 1.1415 level before another fall. However; a daily closing – sustained breakout – above 1.1415 level will extend the corrective recovery to 1.1500 level ahead of 1.1550 level.

Conclusion: The EURUSD continues to face downside threats below 1.1415 levels.

Support: 1.1290, 1.1245, 1.1180, 1.1125

Resistance 1.1350, 1.1415, 1.1495, 1.1550

Key data/events which may affect EURUSD today:

The U.S will report on ISM Manufacturing PMI for Oct at 14:00 GMT. The forecast is to slip to 59.0, from 59.8 in the preceding month. Any reading above forecast will support the USD. Below-forecast may push the pair to 1.1415 level.