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30.10.201907:52 Forex Analysis & Reviews: EUR/USD: plan for the European session on October 30. The expectation of the Fed interest rate cut puts pressure on the US dollar. Bulls need a breakthrough of 1.1120

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To open long positions on EURUSD you need:

A weak report on the US consumer confidence index, which fell last month, led to a weakening of the US dollar against the euro yesterday afternoon. However, whether the pair will continue to grow today, it will be clear after the publication of the report on US GDP and the decision of the Federal Reserve on interest rates. With lower rates, the bulls will try to break above the large high of 1.1120, which will lead to the resumption of the upward trend in EUR/USD and to update levels in the areas of 1.1149 and 1.1178, where I recommend profit taking. However, weak data on Germany may put pressure on the euro in the morning. In this scenario, it is best to consider long positions on a false breakout in the region of the middle of the side channel - 1.1097, or either buy on a rebound from its lower boundary of 1.1075.

To open short positions on EURUSD you need:

Euro sellers will be concentrated in a false breakout in the resistance area of 1.1120, which will be the first signal to open short positions in EUR/USD, the purpose of which will be to support 1.1097, but attention should be paid to the report on Germany, as well as consumer sentiment in the eurozone. Data on US GDP growth could lead to a breakdown of support of 1.1097 and further sale of the pair to the lower boundary of the side channel at 1.1075, where I recommend profit taking until the Fed's decision on interest rates. Only the scenario of maintaining rates at the same level will return demand for the US dollar, which will lead to a breakthrough of 1.1075 and a fall in the region of the lows of 1.1050 and 1.1026. In case of growth above the resistance of 1.1120, for sales, you can consider the levels of 1.1149 and 1.1178.

Signals of indicators:

Moving averages

Trading is slightly above 30 and 50 moving averages, which indicates a slight advantage to buyers of the euro.

Bollinger bands

Growth will be limited by the upper indicator level at 1.1125, while the lower boundary of 1.1090 will provide support.

Exchange Rates 30.10.2019 analysis

Description of indicators

  • MA (moving average) 50 days - yellow
  • MA (moving average) 30 days - green
  • MACD: Fast EMA 12, Slow EMA 26, SMA 9
  • Bollinger Bands 20
Miroslaw Bawulski
Analytical expert of InstaForex
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