EURUSD Forecast And Technical Analysis Oct 4th
Fundamentals: As we have mentioned in our previous analysis, news from Italy and Greece puts EURO under bearish pressure. Italy-German bond yield spread and US-German yield differential are the factors pushing the pair down. As of writing, the 10-year US Treasury note is yielding 270 basis points more than German part, the highest since 1981.
Technically: The pair is trading at 1.14670 as of writing. On the daily chart, RSI is showing further drop signals since it is still not reporting oversold conditions.
On the smaller chart timeframes, we have a bullish Nen Star Harmonic Pattern for a minor correction at 1.14510 – 1.14440. After a possible retracement towards 1.15100 it is likely to see the pair testing 1.14100 support.
Our Longterm forecast for EURUSD is 1.12000- 1.10000, estimated completion date is November 16th.
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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
EURUSD: 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 securities. You should do your own thorough research before making any investment decisions. Chartreaderpro 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 Forex 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.