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EURUSD Forecasts, October 1, 2019
EURUSD Forecasts, October 1, 2019
Posted

By - Jamel Lahiani

Posted - 01-10-2019
  • The EURUSD is trending bearish volatile at short term. SELL
  • The EURUSD is trending bearish volatile at long term. SELL

Today our analysis will be concerned with:

The EURUSD is the most traded currency pair in the world. This pair represents the world two largest economies and has faced most volatility since the inception of the euro in 1999.

FOREX Market Insights
Yesterday, US stocks climbed despite the investors set aside worries about the US-China trade war.
The investors are waiting for the manufacturing PMI indicator realized by US and some Europeans
countries to clarify the economic situation.

Today in Focus
Today, the focus is on a series of high impact economic events and published indicators:

From 07H15 GMT TO 08H30: The Purchasing Managers Index (PMI) manufacturing of the European countries: Spain, Italy, France, Germany, Greece and UK. This indicator is released by Market Economics captures business conditions in the manufacturing sector. As the manufacturing sector dominates a large part of total GDP, this PMI is an important indicator of business conditions and the overall economic condition.

AT 09H00 GMT: The core Consumer Price Index released by Eurostat is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services excluding the volatile components like food, energy, alcohol and tobacco..

AT 14H00 GMT: The Institute for Supply Management (ISM) Manufacturing Index shows business conditions in the US manufacturing sector It is a significant indicator of the overall economic condition in US

GRAPHIC 1: EURUSD DAILY CHART (OCTOBER 1, 2019)
At long term, the EURUSD followed a bearish volatile movement inside the colored channel
It is profitable to sell this pair if the EURUSD chart crosses MA14 and close to the downside.

GRAPHIC 2: EURUSD HOURLY CHART (OCTOBER 1, 2019)
At short term, the EURUSD follows bearish trending volatile movement inside the colored channel.
The charts break the support line in green color and go downside for lower high movement. It’s
better to sell if the chart breaks the lowest level of the graphic.

The events in focus, especially the manufacturing PMI and the core Consumer Price Indexes could
leads to a breakout or pullback, so just follow the trend and takes advantage from the event.

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