Monday, October 8, 2018

EUR/USD - 08 October 2018

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Fundamental Highlights

The Euro stabilizes around 1.15000 following Friday's mixed NFP report. The Non-farm Payroll figure printed lower than expected at 134k versus 185k, while the Unemployment Rate printed better than expected at 3.7% versus 3.8%. The mixed U.S data coupled with no significant political developments in regards to Italy's budget plan are not allowing investors to reach a specific consensus on the direction of the pair.

Technical Analysis

The Euro maintains its stance within the 1.14922 - 1.15458 range. The overall technical bias remains bearish given that the pair has been trading in a downtrend for more than 10 days and prices remain below all the three major moving averages. Therefore, there is a higher probability for a break below the range than a break above the range. The break below the range at 1.14922 will pave the way for a drop towards 1.14326. However, the converse scenario - a break higher - would be exposing the 1.16255 level.

Support: 1.14922 1.14326
Resistance: 1.15458 1.16255

Chart (H4)
EURUSD

 
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