EURUSD Daily Forecast Oct 15 2018

EURO-Dollar-min

EURUSD: Recovers, Test 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 could be seen but above here will look for 1.1668 level, further upside, resistance stands at 1.1756 level.

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 level, 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

blankKey data/events which may affect EURUSD today:

  • The U.S will report on Retail Sales for September today at 12:30 GMT. The indicator is expected to rise by 0.7%, from 0.1% a month earlier. Any reading above 0.7% will support the U.S.D while any reading below 0.7% will support the EUR against the U.S.D.

U.S data may bring a buying opportunity today.

Core Retail Sales is expected is also expected to rise by 0.4%, from 0.3% in the preceding month. Any reading above 0.4% will support the U.S.D while any reading below 0.4% will support the EUR against the U.S.D.

Conclusion: Negative U.S data will keep pushing on 1.1590 levels while positive data may keep it below 1.1590 levels.

MARKET DATA

UPCOMING ECONOMIC EVENTS