EURUSD Daily Forecast Oct 30 2016

EURO - dollar - 65985-

EURUSD: Outlook Remains Lower!

As long as 1.1400 resistance holds on a daily closing basis, the EURUSD remains on the downside, support comes at 1.1340 level, a halt is likely but a cut through support will aim 1.1275 level, further down, support comes at 1.1210 level ahead of 1.1170 level.

On the upside, resistance comes at 1.1400 levels, above 1.1400 sees limited gains to 1.1448 before another fall, If 1.1448 fails to hold, the pair will extend gains to 1.1549 level.

Conclusion: The ERUSD continues to face downside threats below 1.1448/1.1400 level, above 1.1448 sees recovery threats to 1.1549 level.

Support: 1.1340, 1.1275, 1.1210, 1.1170

Resistance: 1.1400, 1.1448, 1.1549, 1.1639

Key data/events which may affect EURUSD today:

  • Germany will release data on consumer price inflation for Oct at 08:55 GMT. The forecast is to inch up -12K, from -23K a month earlier. Above forecast is negative for the EUR while below is positive.
  • The U.S will release data on consumer confidence for Oct at 14:00 GMT. The forecast is to fall to 136.0, from 138.4 in the preceding month. Above forecast will keep the pair under pressure.