EUR/USD Forecast for October 30, 2023
October 30, 2023 2:22 pmVideo
Latest News
- Trading Signals for EUR/USD for April 24-26, 2024: buy above 1.0670 (21 SMA – 3/8 Murray) April 24, 2024
- Technical Analysis – Alphabet stock is buoyant ahead of earnings April 24, 2024
- Analysis of the EUR/USD pair on April 24th. Waiting for US GDP for the first quarter April 24, 2024
- Analysis of the GBP/USD pair on April 24, 2024 April 24, 2024
- USD/JPY: Simple trading tips for novice traders on April 24th (US session) April 24, 2024
- GBP/USD: Simple trading tips for novice traders on April 24th (US session) April 24, 2024
- Technical Analysis – EURUSD stays beneath 1.0700 April 24, 2024
- EUR/USD: Simple trading tips for novice traders on April 24th (US session) April 24, 2024
- GBP/USD: trading plan for the US session on April 24th (analysis of morning deals). The pound retains hope April 24, 2024
- EUR/USD: trading plan for the US session on April 24th (analysis of morning deals). The euro continues to buy around 1.0688 April 24, 2024
- Forecast for the EUR/USD pair on April 24, 2024 April 24, 2024
- GBP/USD. April 24th. The pound felt strong on Tuesday April 24, 2024
- Overview for the GBP/USD pair on April 24th. Dave Ramsden expects inflation to slow down April 24, 2024
- Technical Analysis – EURCHF heads up after bearish spike April 24, 2024
- Overview for the EUR/USD pair on April 24th. The EU services sector has pushed the euro upwards April 24, 2024
- Video market update for April 24, 2024 April 24, 2024
- Will the BoJ disappoint once again? – Preview April 24, 2024
- Forex forecast 04/24/2024: EUR/USD, USD/CAD, Oil and Bitcoin from Sebastian Seliga April 24, 2024
- USD/JPY: trading tips for beginners for European session on April 24 April 24, 2024
- GBP/USD: trading tips for beginners for European session on April 24 April 24, 2024
Last week, the European Central Bank left the key interest rate unchanged at 4.50%, noting that future monetary policy would depend on statistical data. The regulator pointed out a continued decline in inflation. However, given that it is likely to remain above target levels for an extended period, further tightening cannot be ruled out.
Now market participants are awaiting the Federal Reserve’s interest rate decision. The meeting of the central bank will be followed by a press conference, at which Fed Chairman Jerome Powell will likely address questions about the state of the US economy and probably shed light on the future of monetary policy (see our review “What dynamic USD to show after Fed’s meeting?”).
Meanwhile, the EUR/USD pair continues its upward correction that started earlier this month. Currently, the price is testing the crucial short-term resistance level at 1.0574 (EMA200 on the 1-hour chart). Its breakout could result in further corrective gains, pushing the euro up to strong resistance levels at 1.0613 (EMA200 on the 4-hour chart) and 1.0655 (EMA50 on the daily chart).
However, despite its upward correction, the medium and long-term trends is still bearish. The EUR/USD pair is trading below key resistance levels at 1.0730 (EMA200 on the daily chart) and 1.1020 (EMA200 on the weekly chart).
Therefore, short positions remain a priority.
A breakout of the short-term support level at 1.0574 (EMA200 on the 1-hour chart) will pave the way for a further decline in a bear market. In this case, the local support level of 1.0530 can be seen as the nearest target.
For a new bullish market in the medium term, the EUR/USD pair needs to break through the key resistance level of 1.0730. To move back to the upside in the long run, the price needs to overcome the key resistance level of 1.1020.
*) To find out details on trading this pair, see “EUR/USD: Features and recommendations”.
Support levels: 1.0574, 1.0530, 1.0500, 1.0448, 1.0400
Resistance levels: 1.0600, 1.0613, 1.0655, 1.0700, 1.0730, 1.0800, 1.0820, 1.0900, 1.0920, 1.1000, 1.1020, 1.1090, 1.1200, 1.1275, 1.1300, 1.1400, 1.1500, 1.1600.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: