EURUSD Weekly Forecast Oct 22 2018


EURUSD: Continues To Consolidate!

Although the EURUSD fell last week after failing to follow the gains of the previous week, it remains trapped in a consolidation range. A reversal of its past week decline may occur if it fails to follow the current bearish trend. On the downside: immediate support comes at 1.1435 level where a break will pave the way to 1.1300 level ahead of 1.1170 level, further down, support comes at 1.0922 level.

On the upside, resistance comes at 1.1622 level with a break above here opening the way to 1.1745/1.1850 level, next resistance is seen at 1.1995 level.

Conclusion: The EURUSD continues to consolidate above 1.1435 level with upside risk in the medium-term forecast.

Support: 1.1435, 1.1170, 1.0922

Resistance: 1.1622, 1.1745, 1.1850

Stability above 1.1435 on a weekly closing basis could mean a return to 1.1745 where a break will aim 1.1995 level, below that support will reverse risk to 1.1170 level.