EURUSD Daily Forecast Nov 08 2018

EURO - dollar - 65985-

EURUSD: Upside Is Limited By 1.1520 Level…

As long as 1.1390 support holds on a daily closing basis, the EURUSD remains on the upside, resistance comes at 1.1437. A break would open 1.1520 level. A halt is likely but above 1.1520 will extend the bullish move to 1.1572, further upside, resistance comes at 1.1609.

On the downside, a rejection from 1.1437 level could mean a return to 1.1390, it should turn up from here. But If this fails to happen. The risk will be reversed to the downside to 1.1313 level, further down, support comes at 1.1262 level.

Hint: The EURUSD will have to break and hold above 1.1437 to prevent a return to the downside, stability below 1.1437 may bring a sudden and strong fall.

Conclusion: The EURUSD continues to face upside threats above 1.1390 level with risk to 1.1520. Below 1.1390 sees a fall risk to 1.1313/1.1262 level.

Support:1.1390, 1.1313, 1.1262, 1.1215, 1.1180

Resistance: 1.1437, 1.1520, 1.1572, 1.1609, 1.1655

blankKey data/events which may affect EURUSD today:

The Fed will announce its latest monetary policy decision and publish its rate statement at 19:00 GMT.