EURUSD Forecast And Technical Analysis October 12th
Fundamentals: The main catalyst of the dollar sell off was the fallling U.S Treasury Yields yesterday. The yields were sharply down after Trump accused the Fed of going crazy for raising interest rates. U.S PPI which was under the expectations put the USD under bearish pressure as well.
Technical Overview: Shorter term technical overview turned to bullish on the H4 chart as the price moved above EMA 50. However SMA 100 and SMA 200 stands as the resistances at 1.16300. The pair needs to break above this resistance to extend its gains.If the pair is able to break above 1.16300, 1.16500 and 1.17100 will be the targets.
On the bigger picture, the main trend is still bearish. We can not talk about a trend reversal as long as the pair holds below 1.18500.
Shorter Term Trade Opportunity : Long Trade if the price breaks out 1.16300 , targets 1.16560, 1.16880 and 1.17100.
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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
EURUSD Forecast : 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.