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Christopher Lewis
EUR/USD Midday chart, October 30, 2018

The Euro pulled back a bit during early trading on Tuesday, but it looks as if it is trying to find some type a bottom near the 1.1350 level, extending down to perhaps the 1.13 level based upon previous trading action. If we get a bounce, I think there is a legitimate chance of resistance being found near the 1.1450 level that extends to the 1.15 handle. In fact, I am a bit suspicious about rallies until we can break above the 1.15 handle, especially if it would be on a daily close. If that happens, then it’s likely that the Euro will continue to recover for a longer-term move.

EUR/USD Midday Forecast Video 30.10.18

If we break down below the 1.13 level, then I think we are looking at a move to the 1.10 level, which could happen based upon the fact that we are still going through the Brexit, which of course will cause a lot of headline risk when it comes to the Euro, and with that and all of the global growth concerns, it makes sense that the US dollar continues to see buying pressure overall. However, we are bit overstretched so a bounce makes perfect sense, which could offer a short-term trading opportunity. I suspect that we still have a lot of choppiness ahead of us so I am keeping my position size about half of what I would normally trade when it comes to the Euro, or quite frankly most Forex pairs right now.

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