Sunday, July 21, 2024

EUR/USD Daily Analysis and Trading Tips for 20 Oct 2022

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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.

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