EURUSD Daily Forecast Oct 23 2018

EURO - dollar - 65985-

EURUSD: Bearish Despite Recovery Attempts!

As long as 1.1537 resistance holds on a daily closing basis, the EURUSD remains on the downside, support comes at 1.1448 levels. The EURUSD will have to break and hold below 1.1448 levels on a daily closing basis to push the market for further downside losses if seen, it will target 1.1408 levels, a halt is likely, it may test1.1448 level before a lower leg below 1.1408 level, anyway; below 1.1408 aims 1.1343 level, further down, support comes at 1.1290 level.

Hint: Stability below 1.1478 will keep pushing on 1.1448 level, above 1.1478 will increase the risk for 1.1537 level. (daily basis).

On the upside, a failure to hold below 1.1448 level could mean a return to 1.1537 levels, it should turn lower from here but if this fails to happen, a recovery move to 1.1577/1.1639 levels is likely, above that level aim 1.1688/1.1737 levels.

Conclusion: The EURUSD continues to face downside threats below 1.1537 level despite hesitation.

Support: 1.1448, 1.1408, 1.1343, 1.1290

Resistance: 1.1478, 1.1537, 1.1577, 1.1639

Key data/events which may affect EURUSD today:

  • FOMC Member Kashkari Speaks at 13:30 GMT.
  • FOMC Member Bostic Speaks at 17:30 GMT.




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