EURUSD Daily Forecast Oct 24 2018

EURO - dollar - 65985-

EURUSD: Consolidates With Downside Bias!

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 and it may test 1.1448 level before attempts to break below 1.1408 level, however; below 1.1408 aims 1.1343 level, further down, support comes at 1.1290 level.

Hint: Stability below 1.1489 will keep pushing on 1.1448 level, above 1.1489 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: 1.1489, 1.1537, 1.1577, 1.1639

Key data/events which may affect EURUSD today:

  • Germany will report on its Manufacturing PMI (Oct) at 07:30 GMT. The forecast is to fall 53.5, from 53.7 a month earlier. (A selling opportunity is likely).
  • The U.S will report on New Home Sales (Sep) at 14:00 GMT. The forecast is 630K, any reading above 630K will support the USD.
  • FOMC Member Bullard Speaks at 15:30 GMT.
  • FOMC Member Bostic Speaks at 17:00 GMT.
  • FOMC Member Mester Speaks at 17:10 GMT.