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Old 09-10-2018, 10:05
ObasiFXMart ObasiFXMart is offline
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Default Re: Daily Market Analysis by ForexMart

EUR/USD Technical Analysis: October 9, 2018



The euro major pair closed on a bearish sentiment yesterday amid dovish pressure on the currency and escalating trade tensions. There are also some concerns related to Italy’s budget that was just approved last week. European equities also plunged down to multiple months low on Monday while Italian government bond rose to 4-year high. Italy’s deputy PM noted that anti-austerity perspective will get more powerful across the continent. The euro pair comes in flat and steady at the beginning of Tuesday far from 1.15 but close to the short-term lows.

It seems that the euro pair would extend its decline in reference to the chart while the dollar positions to go higher when the market return in full power and the US Treasury yields will surge up. The pair was not able to hold moderate gains steady above the bearish 20-SMA. Currently, a dynamic intraday resistance is found at 1.1500 with the momentum remains at a bearish slope lower than 100. Yet, the RSI indicator moved steadily above oversold area despite limited volume and insufficient momentum. In the technical aspect, the resistance level is at 1.1500, 1.1530, 1.1565 and support at 1.1460, 1.1420, 1.1475.
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