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Fundamental analysis

EURUSD Remains Intraday Bearish

OctaFx | Oct. 24, 2018
EURUSD Remains Intraday Bearish

The pair remains intraday bearish while trading below the 1.1480 level. What can Intraday EURUSD traders expect next? Gain insight into the following technical outlook.

24 October, OctaFX – The euro was little moved even after yesterday’s decision by Brussels to reject Italy’s budget plan for 2019.

Fundamental Highlights

In recent weeks, the new Italian government has been in talks with the EU regarding the proposal, but the country has now been told they need to redraft the budget which proposed a controversial deficit equal to 2.4 percent of the country’s annual output – a figure much higher than the deficit goal promised by the previous Italian administration.

Today, traders will continue to focus on the budget issue. They will also receive important PMI numbers from Germany and the EU.

EURUSD Technical Outlook

Yesterday, the EURUSD pair had a false upward breakout. This ended when the pair reached a high of 1.1492.

Today, it was little moved in the Asian session as traders waited for the important manufacturing data from the EU. The pair will likely test the important support of 1.1430 and attempt a downward breakout.

If it does, and based on the double EMA, the pair will likely continue the downward momentum to the 1.1350 in the next few days.

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.