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16.10.201906:45 Forex Analysis & Reviews: Forecast for EUR/USD on October 16, 2019

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EUR/USD

The euro attempted a reversal from technical resistance yesterday, initially falling by 50 points, but later Brexit news returned the price to its original position. This morning, the price is in the Monday range. On the daily chart, the price is completely in a neutral situation - directly on the lines of balance and MACD with the decreasing Marlin indicator in the zone of positive values (meaning the growth trend zone). The price is equally likely to rise to the Fibonacci level of 123.6% at the price of 1.1074 and decrease to the Fibonacci level of 138.2% at the price of 1.0985.

The four-hour chart also remains neutral - the price is above the lines of balance and MACD, but the Marlin oscillator is trying to return to the "bears" zone.

So, the euro range is represented by the levels of 1.0985 and 1.1074. Moreover, overcoming its upper limit may allow the price to rise to the price channel line at 1.1120, from which a downward reversal is possible, and price consolidation below 1.0985 can develop into a medium-term decline with targets at 1.0845, 1.0785.

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