EURUSD Stays in the Range Beyond 1.18 Mark as US Politics, Brexit, and EU Summit Takes Center Stage

EURUSD Stays in the Range Beyond 1.18 Mark as US Politics, Brexit, and EU Summit Takes Center Stage

EURUSD Price Analysis – October 12

At the beginning of the week amid Friday’s positive results, EURUSD persists in range, attempting to extend the steady recovery further north of the key barrier past the 1.18 mark. In the meantime, buyers may track closely the dynamics of another important week concerning the UK-EU Brexit negotiations, US politics, and the EU summit.

Key Levels
Resistance Levels: 1.2150, 1.2011, 1.1917
Support Levels: 1.1737, 1.1612, 1.1495
EURUSD Long term Trend: Bullish
Further progress in EURUSD is anticipated to initially test the level of 1.1917 instead of the level of 1.1965, though at least for the moment it is unlikely to shift to the 2020 high at 1.2011 level. Consequently, extra gains are probably beyond this barrier and are expected to challenge the high of September 10 in the near-term at 1.1917.

Looking at the wider scenario, the bullish view on EURUSD is expected to remain unchanged as long as the pair trades above the crucial moving average 13, today at 1.1737 marks. The notion is supported by increasing bullish momentum on the daily chart and moving averages in a positive set-up.
EURUSD Short term Trend: Ranging
The intraday bias in EURUSD persists on the upside in the 4-hour chart to retest the high level of 1.2011. The steady split there might validate the continuation of the rally from the level of 1.0635 and the 61.8 percent forecast goal of 1.0635 to 1.2011 from 1.1612 at the level of 1.2462.

On the downside, this bullish perspective may diminish the breach of 1.1737 minor support level and instead shift the emphasis back to the support level of 1.1612. A definitive move down may give the bears total leverage and weaken the short-term outlook, with the 1.1500 mark due to come under the focus again.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.