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Technical analysis

Euro Drops Sharply During Asian Session

OctaFx | Oct. 15, 2018
Euro Drops Sharply During Asian Session

The Euro has dropped sharply during the Asian session. It reached an intraday low of 1.1534, which was the lowest level since Thursday last week. Should traders expect the downward trend to continue? Gain insight into today's EURUSD Forecast.

15 October, OctaFX – The USD strengthened even as the US president continued to criticize the Federal Reserve. In an interview with ’60 Minutes’, the president said that he was disappointed with the ongoing pace of interest rates.

Since he became president, the Fed has raised interest rates seven times. It is expected to raise rates in December and a further three times during 2019.

In recent weeks, traders have developed a fear of interest rates which led to the sharp market declines experienced a week ago. Today, traders will receive the US core retail sales.

EURUSD Forecast

The EURUSD pair dropped sharply during the Asian session. It reached an intraday low of 1.1534, which was the lowest level since Thursday last week.

Last week, the pair moved up in a near equidistance channel as the euro strengthened against the USD. The double EMA show that the pair could continue the downward trend on the 30-minute chart. If it does, the price will likely test the 38.2% Fibonacci Retracement level of 1.1500.

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.