The forecast for EUR / USD pair on October 22, 2018
October 22, 2018 9:23 amVideo
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EUR / USD pair
As expected, investors began to take profits on Friday in order to rest with peace of mind at the weekend and look more closely at the strategies of the new week. The economic data is quite consistent with such plans. The eurozone’s balance of payments in the August estimate was 23.9 billion euros against a forecast of 21.4 billion and the US volume of home sales on the secondary real estate market decreased from 5.33 million in September to 5.15 million. The Italian budget said that the EU will not interfere in the economic policies of Italy and Friday’s growth was strong. The price went above the trend indicator line on the four-hour chart, the daily candlestick blocked the black Thursday, which allows the euro to continue its growth.
Technically, growth can last until the resistance of the balance line on the daily chart at 1.1574. In this case, the Marlin oscillator signal line can get a U-turn from the border with the growth zone on the same timeframe. By the time, the upward correction may continue for two days. On Wednesday, the European Manufacturing PMI is expected to fall (forecast for October is 53.1 vs 53.2 in September) and the rise of American Services PMI from 53.5 to 54.1. Sales of new homes in September from 629 thousand to 630 thousand. The closest resistance to growth may be the Fibonacci reaction level of 110.0% (1.1544) from the first growth line. In general, the target correction range is defined at the area of 1.1544-1.1574, with the upper limit of the range corresponding to the Fibonacci level of 138.2% on H4.
The material has been provided by InstaForex Company – www.instaforex.com
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