Weekly Technical Outlook: EUR/USD

Weekly Technical Outlook: EUR/USD;Market Forecasts for October 31st – November 4th

  • Resistance level 1.10292, 1.10705, 1.11145
  • Pivot Level 1.09452
  • Support Level 1.09159

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Technical Analysis

The EUR/USD pair is looking for a consolidation pattern from 1.09159 levels and is still in progress with support holding the levels.

The price action produces a strong bullish momentum at the close of the week and the candle makes some pull back indicating a shift in momentum to an upside bias with the pair closing above the break of trend line.

The pair looks for corrective upward bias with price action confirming the bullish movement medium term rally which is still in progress from current levels with pair finding support and oscillator still above 34.0 levels.

An upward momentum towards sustained trading above 1.09452 levels will confirm strong long term momentum. This will remain the favoured case as long as support holds.

When this level breaks here, one can expect levels of 1.10705 and later to 1.11145. The outlook remains bullish for the week.

Economic

  • Gross Domestic Product, Consumer Price Index
  • Markit Manufacturing PMI, Economic Bulletin, Unemployment Rate, Markit Services PMI
  • ISM Prices Paid, ISM Manufacturing PMI, Fed’s Monetary Policy Statement
  • Fed Interest Rate Decision, ISM Non-Manufacturing PMI, Trade Balance
  • Nonfarm Payrolls, Unemployment Rate

Area of Interest

  • Strong support at 1.09159 area and closed above support levels.
  • Bullish momentum with two bar reversal and pair strongly closing above the support area.
  • Price action closed above the break of trend line and oscillator above 37.0 levels indicating shift in momentum.
  • At Flip Area on Daily time frame support levels.

For more detailed analysis from the author, please visit NoaFX.