FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
62,438,666Confirmed
1,456,099Deaths
43,102,713Recovered
Fetching Location Data…
Advertisement
Advertisement
Vladimir Zernov
EUR/USD

EUR/USD Video 15.10.20.

Advertisement

Euro Remains Under Pressure Against U.S. Dollar

EUR/USD has managed to settle below the key support level at 1.1750 and tries to gain more downside momentum as the U.S. dollar is gaining ground against a broad basket of currencies.

The U.S. Dollar Index is currently trying to gain upside momentum above the nearest resistance level at the 20 EMA at 93.50. If this attempt is successful, the U.S. Dollar Index will move towards the 50 EMA at 93.75. This scenario will be bearish for EUR/USD.

In the upcoming days, EUR/USD traders will be focused on Brexit-related news. Yesterday, GBP/USD received strong support as the market decided that chances of a deal between EU and UK increased.

Interestingly, EUR/USD did not enjoy much support despite the fact that a Brexit deal would be a positive catalyst for the European economy. I’d note that the fate of Brexit negotiations is completely uncertain so EUR/USD will likely remain volatile in the upcoming trading sessions.

In addition to Brexit news, EUR/USD traders will also pay attention to the latest U.S. employment data which will be published today. Initial Jobless Claims are expected to decline from 840,000 to 825,000 while Continuing Jobless Claims are projected to drop from 10.98 million to 10.7 million.

Technical Analysis

EUR/USD is trading below 1.1750 and tries to develop additional downside momentum. The nearest support level for EUR/USD has emerged at 1.1720.

If EUR/USD manages to settle below this level, it will move towards the next support level at 1.1695. A move below 1.1695 will signal that the current rebound attempt has come to an end. In this case, EUR/USD will decline towards the support near September lows at 1.1630.

On the upside, EUR/USD needs to get above 1.1750 to have a chance to develop upside momentum. EUR/USD will also face resistance at the 20 EMA which has declined to 1.1760.

If EUR/USD settles above the 20 EMA, it will move towards a minor resistance level at 1.1780. In case EUR/USD gets above the resistance at 1.1780, it will gain additional upside momentum and head towards the next resistance at the recent highs at 1.1830.

For a look at all of today’s economic events, check out our economic calendar.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US