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Old 19-10-2018, 10:44
ObasiFXMart ObasiFXMart is offline
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Default Re: Daily Market Analysis by ForexMart

EUR/USD Technical Analysis: October 19, 2018



The euro declined once again during the Thursday session after its bullish sentiment in the beginning. Yet, there is an important support level below which may be just for a short period of time. However, the shooting star pattern below drove the pair lower which something to get worried off. Hence, it is wise to wait on the sidelines, looking for a supportive candle or any bounce to make use of the support.

If the pair breaks lower than 1.1450 on the 4-hour chart, selling can be an option especially if it closes below it. Overall, we can be just grinding and taking a hint on the next move. There are various things to worry about such as the Brexit, the Italian crisis to name a few. Yet, traders should also keep their eye on the Treasury yields for the 10-year T-note from the US. It implies that the greenback can trade and take advantage of this situation with higher interest rate but would be not so good for the euro.

Volatility will present and then trades should be kept at small positions in case a successful breakout of the shooting star and then move further to 1.1530. Hence, there can be a drive to the upper channel and move towards 1.16.
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