Exclusive EUR/USD Analysis 31.10.2016

EUR/USD Cross Looming at Support

The week ahead will be full for US dollar from ISM manufacturing report to NFP data. Friday profit taking made some retracement in EUR/USD but again, we need to take it in the context of downtrend. If we consider historical sellers as always important factor in technical analysis, we will see that EUR/USD is attempting to reach the zone that is marked on the chart as POC.

POC zone comes within 1.0988-1.1018 (88.6, H3, trend line, historical sellers). First target is 1.0945. Should EUR proceed lower 4h close or 1h momentum below 1.0895 is needed for another retest of 1.0850. Break of 1.0850 aims for 1.0830-00. Any dollar news will also reflect on the pair so pay attention to this week’s calendar too.

EUR/USD Chart

Daily technical analysis is written by Nenad Kerkez, a senior analyst at Admiral Markets.

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Nenad Kerkez

Nenad Kerkez is an analyst and trader who has been in the market since 2008 and works closely with Admiral Markets as their Senior Lecturer and Market Analyst. Nenad covers over 25 currencies on an intraday basis and has a Masters in economics. He also developed CAMMACD TM, a proprietary trading and analysis strategy wit ever powerful pre fact setups that you can read every day. Nenad is also a valuable presenter on various FX EXPO shows, where he always presents new and interesting ways how to trade price action and protect your own investments. Further, he is the co-founder and head of Elite Currensea Trading, an educational website for currency traders.