EUR/USD Forecast: Waiting for next week´s clues
Premium|Take advantage of 50% OFF on your first month.
Start your subscription and get access to all our original articles.
You have reached your limit of 5 free articles for this month.
Get Premium without limits for only $9.99 for the first month
Access all our articles, insights, and analysts.
UNLOCK OFFEREUR/USD Current Price: 1.1813
- Market participants continue to ignore macroeconomic data in a risk-off environment.
- The WHO has said that Europe is the new epicenter of the pandemic.
- EUR/USD keeps trading within familiar levels a handful of pips above 1.1800.
Dull trading across the FX board extended this Tuesday, with EUR/USD trading uneventfully for a fifth consecutive day. The pair fell to 1.1795, from where it quickly bounced towards the 1.1820/30 price zone, where it spent most of the American session. Investors ignored macroeconomic releases, but instead hold their breath ahead of the first-tier event scheduled for next week, which includes the US presidential election, preliminary estimates of Q3 GDP and several central banks’ decisions on monetary policy.
Meanwhile, speculative interest seems to have finally realized that there won’t be a deal on a stimulus package ahead of the election. Also, and further denting the market’s mood, the WHO said that Europe is now the epicenter of the pandemic. Data wise, news were mixed, as US Consumer Confidence contracted to 100.9 from a downwardly revised 101.9, according to CB. However, Durable Goods Orders in the country jumped 1.9% in September, largely surpassing the 0.5% expected. The macroeconomic calendar for the EU and the US will be quite scarce this Wednesday, with no relevant figures scheduled.
EUR/USD short-term technical outlook
The EUR/USD pair trades around 1.1810, little changed ever since the week started, The 4-hour chart shows that the pair is neutral-to-bearish, as technical indicators turned modestly lower around their midlines. The price is currently retreating from a flat 20 SMA while holding above the larger ones. Bull could have better chances on a break above 1.1870, an immediate resistance level, although a bullish continuation will be clearer once the pair moves above 1.1915.
Support levels: 1.1770 1.1725 1.1680
Resistance levels: 1.1870 1.1915 1.1950
EUR/USD Current Price: 1.1813
- Market participants continue to ignore macroeconomic data in a risk-off environment.
- The WHO has said that Europe is the new epicenter of the pandemic.
- EUR/USD keeps trading within familiar levels a handful of pips above 1.1800.
Dull trading across the FX board extended this Tuesday, with EUR/USD trading uneventfully for a fifth consecutive day. The pair fell to 1.1795, from where it quickly bounced towards the 1.1820/30 price zone, where it spent most of the American session. Investors ignored macroeconomic releases, but instead hold their breath ahead of the first-tier event scheduled for next week, which includes the US presidential election, preliminary estimates of Q3 GDP and several central banks’ decisions on monetary policy.
Meanwhile, speculative interest seems to have finally realized that there won’t be a deal on a stimulus package ahead of the election. Also, and further denting the market’s mood, the WHO said that Europe is now the epicenter of the pandemic. Data wise, news were mixed, as US Consumer Confidence contracted to 100.9 from a downwardly revised 101.9, according to CB. However, Durable Goods Orders in the country jumped 1.9% in September, largely surpassing the 0.5% expected. The macroeconomic calendar for the EU and the US will be quite scarce this Wednesday, with no relevant figures scheduled.
EUR/USD short-term technical outlook
The EUR/USD pair trades around 1.1810, little changed ever since the week started, The 4-hour chart shows that the pair is neutral-to-bearish, as technical indicators turned modestly lower around their midlines. The price is currently retreating from a flat 20 SMA while holding above the larger ones. Bull could have better chances on a break above 1.1870, an immediate resistance level, although a bullish continuation will be clearer once the pair moves above 1.1915.
Support levels: 1.1770 1.1725 1.1680
Resistance levels: 1.1870 1.1915 1.1950
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.