EUR/USD
Support / Resistance: 0.9870 - 0.9945
Returning to Euro-Dollar parity is currently impossible. Investors will continue to bet on the dollar. This week is very important with a lot of important data on the US and European economies, but the most important event is tomorrow, Wednesday, when the Fed is expected to raise the key interest rate from 3.25% to 4.00%. At the end of the week for the important data on the unemployment rate and newly created jobs.
And today the most important economic data is the ISM Manufacturing PMI(Oct).
Although a slight upward correction has begun, we remain short positions pending EUR/USD levels below 0.9870.
Trade our accurate signals here.
EUR/USD
Support / Resistance: 0.9890 - 0.9975
Among the important data today, focus on Gross Domestic Product for the Eurozone from 7:00 AM ET. Growth is expected to fall to 2.1% from the previous year's 4.1%, but a bigger decline is possible.
At the same time, there is other important information HICP-X F,E,A,T (The core Consumer Price Index released by Eurostat is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services excluding the volatile components like food, energy, alcohol and tobacco).
The strategy today is for a partial consolidation of the current levels around 0.9950, but if there is an opportunity for 0.9970 we will open short positions as the growth of the Euro is over and we rather expect a move below 0.9900.
Benefit from our accurate signals always with one SL and TP levels.
EUR/USD
Support / Resistance: 1.0010 - 1.0125
Today, trading will be entirely influenced by the decision of the European Central Bank on the issue of the main interest rate. Inflation in the Eurozone for the year is between 7 and 20% in individual countries, and interest rates on deposits are at levels of 0.75%.
What is expected today is a rate hike to 1.50%, but investors will be waiting for signals on when and by how much the next hike will be, as 1.50% is too little to fight inflation.
The results of today's ECB meeting are expected at 8:15 AM ET.
Then following a series of important data on the US economy, such as Durable Goods Orders(Sep), Gross Domestic Product Annualized(Q3), Nondefense Capital Goods Orders ex Aircraft(Sep) all at 8:30 AM ET, as well as the ECB Press Conference 8 :45 AM and ECB's President Lagarde speech at 10:15 AM.
Until today's important data, hold long positions. After that, investors may not see clear signals for further rate hikes. This could have a negative outcome for the Euro.
Another uptrend awaits us in the Euro-Dollar trade in the next two sessions, Asian and European. GoForecasts.com's new target by the middle of the European session on October 27, 2022 is 1.0145.
Use the levels around 1.0060 to open long positions.
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EUR/USD
Support / Resistance: 0.9920 - 1.0040
All eyes are on Thursday, when the European Central Bank is expected to raise interest rates sharply. From the current level of 0.75% to 1.50% (ECB Rate On Deposit Facility).
That is why the Euro started to recover in the last few days. The tendency to strengthen the Euro will continue today, as we expect to see levels above parity until the ECB's decision.
Among the important economic data today are New Home Sales (MoM)(Sep) at 10:00 AM ET, as well as the decision by the Bank of Canada, where interest rates are expected to rise from 3.25% to 4.00%.
The strategy today is to hold long positions in anticipation of levels above 1.0000.
Raising interest rates in the Eurozone to 1.5% will not be enough to fight high inflation and comments on further rate hikes are expected after the decision.
EUR/USD
Support / Resistance: 0.9810 - 0.9900
Today, important data on the Eurozone is expected at 4:00 AM ET ECB Bank Lending Survey, as well as data on the German economy at the same time, such as IFO - Business Climate(Oct), IFO - Current Assessment(Oct) and IFO - Expectations(Oct ). Among the US data, the ones that may matter for the currency market are Consumer Confidence(Oct) at 10:00 AM ET.
The strategy today is to open short positions. We expect EURUSD to return to levels close to 0.9800.
A break of 0.9898 could mean a move towards parity in the coming days.
EUR/USD
Support / Resistance: 0.9810 - 0.9915
A series of important economic data is expected today during the morning European session. Among the highlights are S&P Global/BME Composite PMI (Oct), S&P Global/BME Manufacturing PMI(Oct) for Germany and the Eurozone at 3:30 AM ET and 4:00 AM ET.
At 8:30 AM ET in the US, the Chicago Fed National Activity Index (Sep) is expected, later at 9:45 S&P Global Composite PMI(Oct), S&P Global Manufacturing PMI(Oct) and S&P Global Services PMI(Oct). Although economic data is important, we do not expect it to have a major impact on the currency market.
During the European session, we expect the Euro to continue its upward trend and see levels of 0.9915. We expect the end of the upward trend during the American session.
EUR/USD
Support / Resistance: 0.9705 - 0.9830
The dollar remains strong, with a return to parity unlikely anytime soon. The ongoing war is one of the reasons for the strong dollar, as well as expectations of continued interest rate hikes in the United States.
For today, among the important economic data are Initial Jobless Claims and the Philadelphia Fed Manufacturing Survey(Oct) at 8:30 AM ET.
Later in the day, three important speeches are expected: the Fed's Jefferson speech, the Fed's Cook speech and the Fed's Bowman speech.
Open long positions today during the European session as we expect the Euro to recover its losses. At levels up to 0.9830 for EUR/USD, it is possible to reach the end of the expected upward movement.
EUR/USD
Support / Resistance: 0.9810 - 0.9875
Euro-Dollar began a correction in the Asian session after consolidating at the levels of 0.9820-0.9870 in the last day. For now, resistance at 0.9875 remains high and we expect the downward correction trend to continue.
Today's highlights include The Euro Zone HICP at 5:00 AM ET, US Building Permits and Housing Starts at 8:30 AM ET.
Forex-Strategy expects the correction of EUR/USD to reach the levels below 0.9800. A break above 0.9875 would signal the end of the consolidation and a continued upward move towards 0.9925.
EUR/USD
Support / Resistance: 0.9785 - 0.99910
The weak recovery of the Euro against the Dollar is coming to an end. After a few days of recovery, we expect the process to stop and see a downward correction to the levels below 0.9800.
Among the important events today are the ZEW Survey for Germany and the Eurozone at 5 AM ET, as well as events from the USA, which are expected to have little impact on the currency market: Industrial Production, Monthly Budget Statement(Sep), Net Long-Term TIC Flows(Aug ) and other.
Going below 0.9800 support is expected, so use this moment to open long positions following the trend of the last few days.
