Forex Trading: EURUSD Technical Analysis- October 22, 2019
The Euro (EUR) inched higher against the US Dollar (USD) on Tuesday, this caused an increase in the price of EURUSD, bringing it more than 1.1000. The price of the pair increased 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 higher high in the recent upside move.
EUR/USD Technical Analysis
Currently, the pair is being traded around 1.1155, A trend line resistance which may keep the price from moving above this level can be seen around 1.1222, ahead of 1.1304, the 61.8% Fib level and afterward come 1.1568, the major horizontal resistance as shown in the given chart.
The major horizontal support level can be seen around 1.1083, ahead of 1.1003, the 23.6% Fib level support and then the trendline support of 1.0877, which probably prevents the price from decreasing further as appeared in the given above chart. The technical bias may remain bearish as long as 1.1222, the resistance level remains unblemished.
USD Retail Sales ex Autos (MoM)
In the United States, the figure concerning the Retail Sales ex Autos has fallen to -0.1% in the month, as compared to the month before the 0.2%, down beating the economist expectation i.e. 0.2%. The information is sourced from the news released by the US Census Bureau.
The Retail Sales ex Autos is a month to month information that shows all products sold by retailers dependent on inspecting of retail locations of various kinds and sizes aside from the car area. The retail deals file is regularly taken as an indicator of consumer confidence. The positive monetary development foresees bullish developments for the USD.
Considering the overall price behavior of the pair over the last couple of days, selling the EURUSD around current levels can be a better decision in the short to medium term.