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EURUSD Forecasts, October 2, 2019
EURUSD Forecasts, October 2, 2019
Posted

By - Jamel Lahiani

Posted - 02-10-2019
  • The EURUSD is sideways at short term.
  • 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, the ISM report showed its manufacturing activity index at 47.8 below 50 and less
than the economists’ expectations 50.1. A contraction seems to dominate the industrial
activity in USA.

Today in Focus
Today, we have a high impact published indicator:
AT 12H15 GMT: The US Employment Change released by the Automatic Data Processing, Inc, Inc is a measure of the change in the number of employed people in the US.

GRAPHIC 1: EURUSD DAILY CHART (OCTOBER 2, 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.
This pair has a support at the level of 1.08792. If the chart breaks this level that means the bearish
trend still running.

GRAPHIC 2: EURUSD HOURLY CHART (OCTOBER 2, 2019)
At short term, the EURUSD follows a sideways movement inside the colored channel.
In this situation we can use the Stoch RSI indicator to select a good entry to the market.

It is interesting to sell, when the Stock RSI indicator is higher than 80 and to buy when this indicator
is lower than 20 and the red line cross the blue line.

If the chart breaks the colored channel and close outside, then a new trend could be more plausible
and we have just to follow the trend.

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