EURUSD Daily Forecast Oct 04 2018

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EURUSD: Under Pressure But Around Critical Support!

The EURUSD continued its bearish momentum yesterday, after rejection from the key resistance 1.1590, broke below 1.1530 and closed at 1.1476 levels, around the critical support 1.1478, I won’t consider that an actual cut, anyway; resistance comes at the 1.1530 levels – broken support turned resistance – above that level will aim the 1.1590 levels, further upside, resistance comes at the 1.1638 levels.

On the downside stability below 1.1530 levels will keep the pair under pressure, a sustained breakout below 1.1478 levels will pave the way to the 1.1407 levels, further down, support comes at the 1.1350 levels.

Conclusion: The EURUSD continues to face downside risks below the 1.1530 levels, above 1.1530 – daily closing basis – will bring limited recovery below 1.1590/1.1638 levels.

Support: 1.1478, 1.1407, 1.1345, 1.1290

Resistance: 1.1530, 1.1590, 1.1638, 1.1756

To minimize risk, selling the pair is recommended around resistance levels.

Key data/events which may affect EURUSD today:

The U.S will release the weekly report on jobless claims at 12:30 GMT. Although the news is medium in importance, Thursday and Friday are the most important days of the week where the big and unexpected movements usually occur during these two days (mostly for political reasons). Anyway: Initial Jobless Claims is expected to fall 211K, from 214K in the previous week.

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