EURUSD Continues The Uptrend To 1.1200 While Trading Above 1.1150

EUR/USD, Monday forecast, November 1

Today before the "ECB President Lagarde Speaks" market does not have any important news, so probably will be trading in a sideways range, but then Lagarde can create strong trend impulse.

Forecast and technical analysis

The uptrend may be expected to continue, while the EUR/USD pair is trading above support level 1.1150, which will be followed by reaching resistance level 1.1200. A downtrend will start as soon, as the EUR/USD pair drops below support level 1.1150, which will be followed by moving down to support level 1.1128 and if it keeps on moving down below that level, we may expect the EUR/USD pair to reach support level 1.1072.

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Weekly Forecast: November 4 - 8

Fed Chairman Jerome Powell said that Fed will not continue to decrease % rates and take a pause, which is a positive signal for the dollar for a long-term perspective. Same time we can see Manufacturing PMI recovery above 51 points, which shows the strength of the US economy, when same time EU PMI below 50 points level, that saying about Eurozone recession.

Most important news of this week

• Monday: EU Manufacturing PMI; ECB President Lagarde Speaks
• Tuesday: US Markit Composite PMI; Services PMI; ISM Non-Manufacturing PMI; API Crude Oil Stock
• Wednesday: EU Markit Composite PMI; Services PMI; Crude Oil Inventories
• Thursday: EU Eurogroup Meeting
• Friday: EU Finance Ministers Meeting;

Forecast and technical analysis

The downtrend may be expected to continue, while the EUR/USD pair is trading below resistance level 1.1200, which will be followed by reaching support level 1.1072. An uptrend will start as soon, as the EUR/USD pair rises above resistance level 1.1200, which will be followed by moving up to resistance level 1.1249 - 1.1370.

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Monthly forecast, November - December

The downtrend may be expected to continue, while  the EUR/USD pair is trading below resistance level 1.1200, which will be followed by reaching support level 1.1072 and if it keeps on moving down below that level, we may expect the EUR/USD pair to reach support level 1.0940, in other case markets can have correction back to resistance 1.1200. The uptrend may be expected to continue in case the market rises above resistance level 1.1200, which will be followed by reaching resistance level 1.1370.

(Click on image to enlarge)