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USD/CAD: technical analysis 15 October 2019, 12:43

USD/CAD: technical analysis 15 October 2019, 12:43 Scenario Timeframe Weekly Recommendation BUY STOP Entry Point 1.324...

Oct 10, 2019

EUR/USD: general analysis 10 October 2019, 09:55


Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 1.1021
Take Profit 1.1145
Stop Loss 1.0950
Key Levels 1.0825, 1.0914, 1.1021, 1.1145
Current trend
The EUR/USD pair is slightly strengthening. An important resistance level is in the area of ​​1.1021–1.1035. Its breakout can be considered a trend change on a 4-hour chart.
EUR may become under pressure of a decision by China and the United States to make a deal: negotiations between the countries will take place today. Many investors are skeptical and believe that significant agreements can hardly be expected. If the meeting ends with another failure, the Fed may continue to lower the interest rate to support the growth of the American economy, which means that the dollar may begin to decline. Bet futures have been growing for several days in a row. About 80% of market participants are sure that on October 30, the rate will be reduced by another 25 basis points. In favor of such a solution is the decline in some economic indicators. So, PMI has decreased significantly: the value has reached 47.1 points, which is the lowest level since 2009. ISM Service PMI also fell to 52.6. Thus, some indicators show signs of a slowdown in the US economy.
Today, the traders are focused on the release of CPI and Initial Jobless Claims data.
Support and resistance
Stochastic is at the level of 78 and does not give signals for opening positions.
Resistance levels: 1.1021, 1.1145.
Support levels: 1.0914, 1.0825.

Trading tips
Long positions can be opened from the level of 1.1021 with the target at 1.1145 and stop loss 1.0950.

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