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Main » 2018 » October » 2 » Forex euro dollar technical outlook EURUSD today 10/02/2018: EUR / USD rate resumed its decline
09:19
Forex euro dollar technical outlook EURUSD today 10/02/2018: EUR / USD rate resumed its decline

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Results of the last trading day EUR / USD:


On Monday, October 1 euro trading ended in the red. In Europe, the price rises to 1.1625 at US session - fell to 1.1564. Yesterday's market action was not clear to me, as the euro fell against the dollar on positive news on Brekzit, rising oil prices and falling yields 10-year US bonds (US10Y).


The price of Brent crude oil rose to $ 85.30. The growth of oil prices supported the commodity "currencies. Couple the US dollar / Canadian dollar dropped to 1.2782. The Canadian has strengthened, while the euro weakened. And all this took place against the background of falling US10Y yield.

 

 

Besides oil support the Canadian dollar has had Canada's decision to enter into a new three-way free trade agreement USMCA (United States-Mexico-Canada Agreement).


The September report published by the Institute for Supply Management (ISM), upset the market participants. The value was lower than the previous value and prognosis. At the time of the ISM PMI index stopped strengthening of the dollar, but the latest quotes he again went on the offensive.  

 

Planned statistics (GMT +3):  

At 11:30 UK will release PMI index for the construction sector in September.

At 12:00 the Eurozone will present the producer price index for August.

At 19:45 with a speech made by the head the US Federal Reserve Jerome Powell.

 

Fig. 1 hourly chart of EUR / USD

 

Current Situation EURUSD:


On Monday, trading in Europe the euro rose to 1.1625. Until the desired target 1.1650 price is not reached. From Lb it fell to 1.1563. In the morning I made a prediction for the euro's recovery to 1.1618, but clumsy canceled its fall to 1.1547.


Price EUR / USD came out of the channel. The fall of the euro today is not considered as hour cycles and patterns showed me the strong euro. If we add to this neponyatki yesterday's weakening euro, for me, the situation for an indefinite market.


If we turn to the daily TF EURUSD, then on it catches the eye at least 1.1525 (September 10), which is able to stop time, weakening of the euro against the dollar. If sellers are EUR / USD will be 1.1525 area - 1.1535, then go below the level of 1.1470.

 

Eur usd EURUSD Forecast for today Vladislav Antonov Alpari

 

 

 

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