EURUSD Daily Forecast Oct 18 2018

EURO - dollar - 65985-

EURUSD: Sees Corrective Pullback Risk Below 1.1605 Levels!

As long as 1.1605 resistance holds on a daily closing basis, the EURUSD remains in a corrective pullback mode and further down could be seen to 1.1478 levels, a halt is likely but a cut would open 1.1408 levels, further down, support comes at 1.1343 level.

On the upside, resistance comes at 1.1537 level – broken support turned resistance – ahead of 1.1605 level. A sustained breakout – daily closing – above 1.1605 will restore the upside momentum and turn the focus on 1.1653 level, further upside will aim 1.1715/1.1756 levels.

Conclusion: The EURUSD sees pullback threats below 1.1605 levels.

Support:1.1478, 1.1408, 1.1343, 1.1290, 1.1178

Resistance: 1.1437, 1.1605, 1.1653, 1.1710, 1.1756

blankKey data/events which may affect EURUSD today:

EU Leaders Summit: The UK may reach a deal with the EU on Brexit. volatility is expected.

The U.S will report on the Philadelphia Fed Manufacturing Index today at 12:30 GMT. The indicator is expected to fall 19.7, from 22.9 a month earlier. Any reading above forecast will support the USD while any reading below forecast will support the EURO. A selling opportunity is likely today.