EURUSD Daily Forecast Oct 12 2018


EURUSD: Recovers, Challenging 1.1590 Levels!

As long as 1.1478 support holds on a daily closing basis. The EURUSD remains in a recovery mode and further upside couldn’t be ruled out. Resistance comes at the 1.1590 levels where a break will aim the 1.1638 levels. A halt is likely but a break will look for the 1.1668 levels with a break above here paving the way to the 1.1756 levels.

On the downside. Immediate support comes at the 1.1544 levels, stability above this level will keep pushing on the 1.1590 levels, however, a cut through the 1.1544 levels should weaken recent recovery and threatens 1.1487 levels, below here will restore the downside momentum and aim the 1.1407 levels.

Conclusion: The EURUSD continues to face recovery threats above 1.1478/1.1544 levels.

Support : 1.1544, 1.1478, 1.1407, 1.1350

Resistance:1.1590, 1.1638 1.1668, 1.1756