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EURUSD Daily Forecast: October 04

Monday, October 3, 2016 21:17
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EURUSD Forecast    
The EURUSD didn’t make significant movement yesterday. The bias remains neutral in nearest term. From another technical perspective as you can see on my H4 chart below, price found good support at 1.1125 but keep making lower highs since fell from 1.1350, creating a potential descending triangle bearish formation if breaks below 1.1125. Immediate resistance remains around 1.1275. A clear break above that area could trigger further bullish pressure testing 1.1350 which remains a good place to sell with a tight stop loss. Immediate support is seen around 1.1200 – 1.1180. A clear break below that area could trigger further bearish pressure testing 1.1125 region. Overall I remain neutral.


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