EUR/USD Forecast: Cautious consolidation above 1.1800

Valeria Bednarik FXStreet

EUR/USD Current Price: 1.1826

US Durable Goods Orders beat expectations in September, up 1.9% MoM.
Europe has become the new epicentre of the pandemic according to the WHO.
EUR/USD neutral in the near-term needs to advance beyond 1.1870.

The EUR/USD pair has bounced from a fresh weekly low of 1.1795 but remains within familiar levels as dull trading across the FX board continues. The greenback gained some ground on the usual market concerns, related to the latest coronavirus outbreak in Europe, which, according to the WHO has become the new epicentre. Also, speculative interest has finally realized that a week ahead of the US presidential election, a stimulus bill will stay away from the table until after the event.

The macroeconomic calendar in Europe was quite light, but the US has just published September Durable Goods Orders, which came in much better than anticipated. The monthly figure printed at 1.9% against the 0.5% expected, while the core reading, Nondefense Capital Orders ex Aircraft, resulted in 1% against expectations of 0.5%. August reading was upwardly revised to 2.1%. The good news did little for markets, as no relevant move was seen in dollar crosses or in US indexes.

EUR/USD short-term technical outlook

The EUR/USD pair is trading within a well-limited range, now around 1.1825. The short-term picture is neutral, according to the 4-hour chart, as the pair remains unable to surpass a mildly bearish 20 SMA, now struggling around it. The longer moving averages remain below the current level, with limited directional strength. Technical indicators, in the meantime, are stuck to their midlines.

Support levels: 1.1770 1.1725 1.1680

Resistance levels: 1.1870 1.1915 1.1950

View Live Chart for the EUR/USD

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Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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