The EURUSD pair is trading unchanged from where it ended the day yesterday. Will the pair continue to drop? OctaFX analyst shared their view in the following technical analysis.
30 October, OctaFX – The euro was little changed against the USD after Angela Merkel announced that she will not stand for re-election in 2021. She also stepped down from her leadership role of the party.
To many people, Merkel is the current leader of the free world after Trump’s preference for nationalism and his America First policies. Later today, traders will receive the German employment numbers, Spanish inflation numbers, and the EU GDP numbers.
EURUSD Technical Analysis
The EURUSD pair is trading at 1.1380, which is unchanged from where it ended the day yesterday. The price is along the middle band of the Bollinger Bands while the double EMA shows no signs of a reversal.
The momentum indicator is at the neutral 100 level. There is a likelihood that the pair will continue to drop until it tests the 1.1300 level.
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.