Tuesday, October 31, 2017
The Euro continues consolidating
The
EUR/USD is currently consolidating in a relatively tight range just above the
1.1600 level as shown on the daily chart. The pair may be waiting for the NFP
numbers to be released this Friday before taking a more clear direction. Today’s
FED announcement caused a lot of volatility, but the EUR/USD did not take a
clear trend. The MACD indicator is showing us that the bearish trend has come
back, but the pair may go in any direction. To the downside, the most relevant
support is at the 200 day EMA, around the 1.1500 zone. Below the 1.1500 level,
the 1.1400 or the 1.1300 levels may also act as supports. To the upside, the
closest resistance is at the 1.1700 level, but the 55 day EMA could also act as
resistance. In order for the EUR/USD to go back to its bullish trend, the price
must break above the 1.2100 level in the long run.
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Seems like is making a bearish flag.
ReplyDeleteWill keep this in mind!
ReplyDeleteIt will probably continue consolidating until the fundamentals tomorrow.
ReplyDeleteI'll keep your assessment in mind.
ReplyDeleteInformative review on current market conditions.
ReplyDeleteGreat review!
ReplyDeleteExcellent information to keep in mind.
ReplyDeleteThanks for such an informative analysis.
ReplyDeleteI agree with your analysis.
ReplyDelete