EUR/USD Mid-Session Technical Analysis for October 10, 2017

    7 days agoByJames Hyerczyk

    The EUR/USD rose to its highest level since October 2 on Tuesday after Germany’s trade data beat expectations, boosting hopes the Euro Zone economy’s outlook remained robust. Exports outpaced imports adding to evidence that Europe’s biggest economy performed strongly in the third quarter, ignoring a stronger Euro.

    Hawkish comments from a European Central Bank official also drove the EUR/USD higher. Sabine Lautenschlaeger, a member of the ECB executive board, called for the central bank to roll back asset purchases in 2018.

    Daily EURUSD

    Daily Technical Analysis

    The main trend is down according to the daily swing chart, but momentum has shifted to the upside.

    A trade through 1.1832 will change the main trend to up. A move through 1.1668 will negate the closing price reversal bottom and signal a resumption of the downtrend.

    The short-term range is 1.1832 to 1.1668. Its 50% level or pivot is 1.1750. This price is support.

    The main range is 1.2033 to 1.1668. If the main trend changes to up then its retracement zone at 1.1850 to 1.1894 will become the primary upside target.

    Daily Forecast

    Based on the current price at 1.1792 and the earlier price action, we should have a bullish tone today as long as the EUR/USD hold above the support cluster at 1.1753 to $1.1748.

    The daily chart shows there is plenty of room to the upside with the main top at 1.1832 the first target. Followed by the main 50% level at 1.1850.

    Overtaking 1.1850 could trigger an acceleration into a resistance cluster at 1.1893 to 1.1894.


    SymbolLast PriceChangeChart

    Live Quotes

    Top Promotions
    Top Brokers

    FX Empire - the company, employees, subsidiaries and associates, are not liable nor shall they be held liable jointly or severally for any loss or damage as link result of reliance on the information provided on this website. The data contained in this website is not necessarily provided in real-time nor is it necessarily accurate.
    FX Empire may receive compensation from the companies featured on the network.

    All prices herein are provided by market makers and not by exchanges. As such prices may not be accurate and they may differ from the actual market price. FX Empire bears no responsibility for any trading losses you might incur as link result of using any data within the FX Empire.