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EURUSD Forecasts, October 3, 2019
EURUSD Forecasts, October 3, 2019
Posted

By - Jamel Lahiani

Posted - 03-10-2019
  • The EURUSD is trending bullish at short term. Buy
  • 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, Wall Street’s main indexes recognized the sharpest declines in nearly six weeks.
The employment and manufacturing data suggested that the US-China trade war is taking an
increasing negative impact on the US economy.

Today in Focus
Today, we have a high impact published indicator:
AT 12H30 GMT: The US Initial Jobless Claims released by the US Department of Labor is a measure of the number of people filing first-time claims for state unemployment insurance.
AT 14H00 GMT: The US ISM Non-Manufacturing Index released by the Institute for Supply Management (ISM) shows business conditions in the US non-manufacturing sector

GRAPHIC 1: EURUSD DAILY CHART (OCTOBER 3, 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 1.08801. If the chart breaks this level that means the bearish
trend still running.

GRAPHIC 2: EURUSD HOURLY CHART (OCTOBER 3, 2019)
At short term, the EURUSD follows a bullish movement inside the colored channel.
It is interesting to buy, when the Stock RSI indicator is lower than 20 and the red line cross the blue
line or when the chart cross the MA14 and close to the upside. If the chart breaks the resistance line
in red color corresponding to the level 1.09672 and close upside, then the uptrend is plausible and
we have just to follow the trend.

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