Forex Trading: EURUSD Technical Analysis- October 29, 2019

The Euro (EUR) inched lower against the US Dollar (USD) on Tuesday, this caused a decrease in the price of EURUSD, bringing it less than 1.1000. The price of the pair decreased after major economic news released. Considering the price movement of the pair over the past few days, it’s predicted that the technical bias may turn bullish on the grounds that the pair’s value denoted a lower high in the recent downside move.

EUR/USD Technical Analysis

Currently, the pair is being traded around 1.1078,The trendline support can be seen around 1.1064, ahead of 1.0993, the 61.8% Fib level support and then the horizontal support of 1.0878, which probably prevents the price from decreasing further as appeared in the given below chart.

EURUSD

A trend line resistance that may keep the price from moving above this level can be seen around 1.1080, ahead of 1.1082, the 32.8% Fib level and afterward come 1.1146, the major horizontal resistance as shown in the given chart. The technical bias may remain bearish as long as 1.1145, the resistance level remains unblemished.

USD Markit PMI Composite

In the United States, the figure concerning the Markit PMI Composite has risen to  51.2 in the month, as compared to the month before the 51,  but down beating the economist expectation i.e. 51.6. The information is sourced from the news released by Markit Economics.

The PMI month to month Composite Reports on Manufacturing and Services depend on countless business administrators in private division assembling and administration organizations. Information is typically discharged on the third working day of every month. Every reaction is weighted by the size of the organization and its commitment to add up to assembling or administrations yield represented by the sub-area to which that organization has a place. Answers from bigger organizations greatly affect the last file numbers than those from little organizations. Results are exhibited by inquiry posed, demonstrating the level of respondents revealing an improvement, weakening or no change since the earlier month.

Trade Idea

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

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