Forex Trading: EURUSD Technical Analysis – October 11, 2019

The Euro (EUR) inched high against the US Dollar (USD) on Friday, this resulted in an increase in the price of EURUSD, bringing it to more than 1.0100. The price of the pair increased after major economic news released. Considering the price movement of the pair over the past few days, it is anticipated that the technical bias may remain bearish because the pair’s price marked a higher low in the recent upside move.

EUR/USD Technical Analy

Currently, the pair is being traded around 1.1017, a resistance that may prevent it to move above this level can be seen around 1.1082, the immediate key horizontal resistance ahead of 1.1230, a trendline resistance and then at 61.8% Fib level, the resistance of 1.1307,  is displayed in the given below chart.

EURUSD

On the downside, support that acts as a backing tool to keep the price from falling further can be seen around 1.0998, the immediate trendline support ahead of 1.0933, the 23.6% Fib level and then a while significant support of 1.0878,  as demonstrated in the given above chart.  The technical bias may remain bearish as long as 1.1082, the major horizontal resistance level stays unblemished.

USD Consumer Price Index

In the United States, the figure concerning the consumer price index of ex-food energy fallen to 0.1%,  in this month downbeat with the economist expectation and a month before the figure. The data is sourced from the news released by the Department of Labor, United States.

The Consumer Price Index (CPI) Ex Food and Energy is a proportion of price behavior by the examination between the retail costs of a delegate shopping bushel of products and ventures. The unpredictable items are excluded as to catch an exact figuring. As a rule, a high perusing is viewed as positive (or bullish) for the USD, while a low perusing is viewed as negative (or Bearish).

Trade Idea

Considering the overall price behavior of the pair over the last couple of days, buying the EURUSD around current levels can be a good decision in the short to medium term.

Broker discussion area