EURUSD Daily Forecast Oct 18 2016

EURUSD, Bearish Despite Recovery Attempts !

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EURO - dollar - 5468

EURUSD, Bearish Despite Recovery Attempts !

Outlook in EURUSD remains neutral with risk to the downside, resistance comes at the 1.1007 levels, a failure to hold above 1.1007 levels on a daily closing basis could mean a return to the 1.0970 levels, a cut would open 1.0911, further down, support comes at the 1.0825 levels.

On the upside, above 1.1007 will open the main resistance at the 1.1057 levels , a halt is likely and a reversal may occur, however, above 1.1057 sees limited gains below 1.1211 levels…(Minor resistance 1.1135)…

Conclusion: The EURUSD continues to face downside threats below the 1.1057 levels…

Notes:

  • Minor support comes at the 1.0998 levels (4-hour basis), below 1.0998 may expose the 1.0970 levels…
  • U.S inflation data may bring a selling opportunity today…

eurusd-daily-forecast-oct-18-2016

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