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Old 30-09-2019, 14:50
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KostiaFM KostiaFM is offline
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Default Re: Daily Market Analysis by ForexMart

EUR/USD Daily Analysis: September 30, 2019

The EUR/USD pair hasnít fallen this low since May 2017 as the dollar takes the lead. The pair broke lower at the support level of 1.0930 that could induce a breakout, although, the pair was able to return back above the level. However, the pair has moved back and forth that makes it uncertain whether that pair can have a full breakdown.

A driver is needed for a stronger decline but given the economic calendar for the week, it will likely be a political one. The main focus of economic release for the week is the US jobs report that is to be released on Friday.

The euro major pair rose higher than the major level of 1.0930, which kept the price from declining at the beginning and near the middle of the month. Its recovery raises the question on its resumption of decline but for now, the pair moves strongly downward.

A breakout above the resistance may reason limit the descent of the pair. As of now, the resistance level is seen at 1.0966. The upward movement of the pair resides close to the level that forms a slight confluence.

A breakdown to 1.0930 would attract more sellers. Hence, the initial support level is close to the area of 1.0900, which buyers defended late last week. With the upcoming US jobs report, the volatility will increase in the late week. On the headlines, news on the impeachment of Trump continues.
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