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EURUSD Rates Week in Review

Last week, our technical indicators suggested to go Short on the currency pair at or above , setting a Stop loss at , and Buy it at or below , setting a Stop loss at

This week, EURUSD price range was high, set today, Thursday, and low, set this past Monday. So, Monday, we could have short the currency pair at , covering it on an intraday trading at , for % profit. Tuesday, we could have short it at , covering it on an intraday trading at , for % profit. Wednesday, we could have short it at , covering it on an intraday trading at , for % profit.  Thursday, we could have short it at , covering it on an intraday trading at , for an extra % ROI.

Fundamental Overview

The EURUSD pair attracts some buying in the vicinity of mids or a three-day low touched earlier this Thursday and recovers a part of the previous day&#;s heavy losses.

The pair trades with modest gains through the early European session and draws support from a modest US dollar downtick. Headlines that China is considering cutting the quarantine period for inbound travellers from 10 days to 7 provide a much-needed respite. This led to an intraday recovery in the risk sentiment, which, in turn, prompts some selling around the safe-haven greenback.

Furthermore, rising bets for a third straight 75 bps interest-rate hike by the European Central Bank at the next policy meeting on October 27 underpins the shared currency. The bets were reaffirmed by the final Eurozone Harmonised Index of Consumer Prices (HICP) Index released on Wednesday, which tapped a year high and surged to % YoY in September.

The EURUSD pair, however, lacks bullish conviction and so far, has been struggling to gain any meaningful traction amid fears of more aggressive moves by the Federal Reserve and looming recession risks.

The recent hawkish Fed rhetoric reaffirmed expectations that the US central bank will continue to hike interest rates at a faster pace to combat stubbornly high inflation. In fact, Chicago Fed President Charles Evans, Minneapolis Fed President Neel Kashkari and St. Louis Fed President James Bullard reiterated the commitment to bring inflation under control.

This, in turn, pushes the yield on the rate-sensitive 2-year US government bond to a new year peak and the benchmark year Treasury note to its highest level since the financial crisis.

Investors, meanwhile, remain worried about economic headwinds stemming from rapidly rising borrowing costs and the protracted Russia-Ukraine war.

Concerns about a deeper global economic downturn should keep a lid on any optimistic move in the markets and also offer some support to the safe-haven buck. This, in turn, warrants caution before positioning for any meaningful upside for the EURUSD pair.

Traders now look to the US macro data &#; the Philly Fed Manufacturing Index, Weekly Initial Jobless Claims and Existing Home Sales data &#; for a fresh impetus.

Technical Analysis

EURUSD is advancing above heading towards the US open. The US dollar extends losses amid an improvement in the market mood. Positive Treasury yields could cap the gains in the main currency pair.

From a technical perspective, the overnight downfall reaffirms a resistance marked by the top end of a symmetrical triangle, which constitutes the formation of a bearish pennant on the daily chart.

The said barrier, currently around the area, should now act as a pivotal point and help determine the next leg of a directional move for the EURUSD pair. A sustained strength beyond has the potential to lift spot prices beyond the mar, towards the day SMA, around the area. Some follow-through buying will negate the bearish set-up and pave the way for additional gains.

On the flip side, the Asian session low, around the area, could act as immediate support ahead of the region and the mark. The latter near the symmetrical triangle support, which if broken decisive will confirm a near-term negative bias. The EURUSD pair might then accelerate the fall towards the region en route to the mark.

Spot prices could eventually drop to challenge a two-decade low, around the region touched in September.

For next week, our technical analysis are suggesting lower prices for the currency pair, which movement could even breakout the support line, pushing EURUSD price even lower, setting new targets at $, and $ Hence, our technical analysis are suggesting to go Short on the EURUSD at , setting a Stop Loss at , and t go Long at , setting a Stop Loss at

As of PM (GMT+1), the EURUSD was trading at

EUR to USD forecast for tomorrow: Euro to Dollar forecast on Friday, October, exchange rate Dollars, maximum , minimum EUR to USD forecast on Monday, October, exchange rate Dollars, maximum , minimum Euro to Dollar forecast on Tuesday, October, exchange rate Dollars, maximum , minimum EUR to USD forecast on Wednesday, October, exchange rate Dollars, maximum , minimum

In 1 week, Euro to Dollar forecast on Thursday, October, exchange rate Dollars, maximum , minimum EUR to USD forecast on Friday, October, exchange rate Dollars, maximum , minimum Euro to Dollar forecast on Monday, October, exchange rate Dollars, maximum , minimum EUR to USD forecast on Tuesday, November, 1: exchange rate Dollars, maximum , minimum Euro to Dollar forecast on Wednesday, November, 2: exchange rate Dollars, maximum , minimum

 

Disclosures: The material provided herein is for informational purposes only. It does not constitute an offer to sell or a solicitation of an offer to buy any interests in the EUR/USD or any other securities. This overview may include or be based in part on projections, valuations, estimates and other financial data supplied by third parties, which has not been verified by Pedro Ferreira. Any information regarding projected or estimated investment returns are estimates only and should not be considered indicative of the actual results that may be realized or predictive of the performance of the EUR/USD or any underlying security.  Further, Pedro Ferreira is not long or short in the currency pair. Past investment results of any underlying managers should not be viewed as indicative of future performance of the EUR/USD.

 

Tags: Brokerage, forextrading, mam, multiaccountmanagement, PAMM, weeklyforecast

The Euro/Dollar currency pair EUR/USD continues to move as part of the development of a bullish correction and the formation of a bearish “Wolfe Wave” pattern. Moving averages indicate a short-term bullish trend for the pair. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers of the European currency and a potential continuation of growth in quotes of the asset pair from current levels. At the time of publication of the forecast, the Euro to US Dollar exchange rate is As part of the Forex forecast for October 24, , we should expect an attempt to develop a bullish price correction and a test of the resistance level, which is located on the EUR/USD pair near the area. Further, prices will rebound downwards and the Euro/Dollar currency pair will continue to fall. The potential target of such a movement on FOREX is the area below the level of

EUR/USD forecast Euro Dollar for October 24,

An additional signal in favor of the development of a bearish scenario on the EUR/USD currency pair tomorrow will be a rebound from the upper boundary of the bearish Wolfe Wave pattern. The second signal in favor of this option will be a rebound from the resistance line on the relative strength indicator (RSI). Cancellation of the option to reduce quotes of the Euro/Dollar currency pair will be a strong growth and a breakdown of the level of This will indicate a breakdown of the upper boundary of the model and continued growth to the area at the level of Expect confirmation of a fall in the EUR/USD currency pair with a breakdown of the support level and closing of the price below the level of , which will indicate a breakdown of the lower boundary of the bullish correction channel.

EUR/USD forecast Euro Dollar for October 24, suggests an attempt to develop a bullish correction of the pair and test the resistance area near the level. Where should we consider a price rebound downwards and an attempt to continue the fall of the currency pair on the market to the area below the level of An additional signal in favor of a fall in the instrument on the Forex market will be a test of the trend line on the relative strength indicator (RSI). Cancellation of the option to reduce the EUR/USD pair will be a strong increase in quotes and a breakdown of the level of This will indicate a breakdown of the resistance area and continued growth of the currency pair on Forex to the area above the level of

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