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18.10.201807:39 Forex Analysis & Reviews: The forecast for EUR / USD pair on October 17, 2018

Long-term review

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EUR / USD pair

Tuesday trading session passed in a calm external setting and the euro zone's trade balance came for August out better than the forecast of 16.6 billion euros against 15.0 billion. However, the previous figure in July dropped from 12.8 billion euros to 12.6 billion while the ZEW index of business circles in the eurozone for the current month collapsed from -7.2 to -19.4. It was only worse in August 2012. Nevertheless, the euro decided to work out 50% of the Fibonacci level (although the price did not formally reach 3 points), but then began to retreat downward sharply upon the release of the American industrial output data. The Industrial Production in September added 0.3% against expectations of 0.2%.

On the four-hour chart, the Marlin oscillator signal line has moved to the descent zone and is actively penetrating it. The first support is the level of 1.1520 intersecting with the correction level of 23.6% with the MACD line on both daily and H4 charts. With the breakthrough of the level, we expect a further decline to 1.1376 (maximum in February 2016).

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