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12 Oct 2019

EUR/USD technical analysis: Euro ends the week in the green above the 1.1000 handle

  • EUR/USD is ending the week in positive territories adding 0.70%. 
  • The risk-on market mood and the Brexit optimism turned in favor of the EUR/USD bulls. 
  • The Michigan Consumer Sentiment Index came in better-than-expected at 96 vs 92 in October.
 
 

EUR/USD daily chart

 
 
On the daily chart, the shared currency is trading in a bear trend below the 100 and 200-day simple moving averages (DSMAs). The Fiber is breaking above a multi-week trendline and is challenging the 50 SMA. This Friday, the Michigan Consumer Sentiment Index came out better-than-expected at 96 vs 92 for October. The news limited further gains in the New York session. 
 

EUR/USD four-hour chart

 
 
The spot is trading above the main SMAs, suggesting bullish momentum in the medium term. EUR/USD is consolidating the weekly gains below the 1.1065 resistance as bulls remain in control. A break above 1.1065 can expose the 1.1110 resistance, according to the Technical Confluences Indicator.
 

EUR/USD 30-minute chart

 
 
The Euro is trading above the main SMAs, suggesting bullish momentum in the near term. Support is seen at the 1.1025/07 zone and the 1.0972 price level. 
 

Additional key levels 

 

Oct 11, 2019

US Dollar Index technical analysis: DXY takes another hit, finishes the week on its lows near 98.30

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Oct 12, 2019

Federal Reserve's Kaplan: Concerned that the manufacturing slowdown will intensify

Federal Reserve's Kaplan has said that that Fed has come to the conclusion that the system needs more reserves than the US has. More comments: The US
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