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Christopher Lewis
EUR/USD weekly chart, October 14, 2019

The EUR/USD pair has shot higher during the week after initially dropping as traders continue to weigh upon the idea of a Brexit deal. At this point, the market is likely to continue to see headline driven noise, something that will certainly cause quite a bit of nausea for traders out there. That being said, this is still a very negative trend, so although this candlestick, and the previous one for that matter, both look rather bullish, the reality is that the bearish pressure is still very much above us.

EUR USD Forecast Video 14.10.19

The Euro is also a bit of a risk barometer, and people feel little better at the moment as the US/China trade talks have been supposedly going fairly well but we don’t have any concrete evidence yet. Ultimately, this is a market that looks likely to see a lot of noise, and the next couple of weeks could very well be positive. However, the 1.12 level above looks to be very resistive. If we were to break above that, then it could change the overall attitude for a longer-term move, but at this point I’m not looking for that to happen. Overall, this is a market that is probably just simply bouncing from an extremely low level. That being said, if we get some type of negative headline out there, we could turn right back around rather quickly. I also would point out that the 1.12 level above could offer resistance based upon the fact that it was the 61.8% Fibonacci retracement level.

Please let us know what you think in the comments below

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