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11:47
Fundamental analysis and forecast of EUR / USD 31.10.2019: Following the meeting FOMC to provide support to EUR / USD pair

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The EUR / USD on Thursday continued to develop upward momentum motion, reacting to the outcome of the two-day meeting of the FOMC.

As expected, many market participants, the regulator decided to reduce the interest rate by 0.25%. Moreover, in his final statement Jerome Powell meanings hinted that the regulator has no plans to further reduction of interest rates. He noted that to change the Fed's monetary policy requires very substantial adjustment to the forecasts of the US economy. Published Yesterday data on US GDP growth in the 3rd quarter showed that this is unlikely. Preliminary figure was 1.9%, the forecast of 1.6%.

 

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Today, the focus of the market will be preliminary data on inflation and GDP growth in the EU report. In the United States should pay attention to the report on personal consumption expenditures. Most likely, a deterrent effect on the market will have a standby associated with the publication tomorrow of the US labor market report.

 

EURUSD trades in the chart are near a local maximum, located in the mark of 1.1180. Therefore rely on the formation of recoil movement will be possible only after the breakdown of this level. Medium-term, you can expect an increase in the EURUSD to a mark 1.1235.

 

Resistance levels: 1.1180, 1.1235, 1.1280.

Levels of support: 1.1140, 1.1105, 1.65

The main scenario - a correction to 1.1140 and EURUSD growth in the area of ​​1.1200.

Alternative scenario - growth in EURUSD to 1.1200 and rolling back down.


In general, fundamental background on the market can be described as neutral. In the graph locally prevailing bullish signals, but consider buying the EURUSD stands no higher than 1.1140. 

 

Fundamental forecasts the EURUSD  FORTFS

 

 

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