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17.10.201906:43 Forex Analysis & Reviews: Forecast for EUR/USD on October 17, 2019

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EUR/USD

Yesterday, the US dollar came under extreme PR pressure: European and British politicians were talking about the Brexit agreement that was about to be signed, US President Trump suddenly refused to sign an interim trade deal with China until he met with Xi Jinping, and that could be not earlier than November 16-17 at the APEC summit in Chile. Against this background, the eurozone trade balance for August showed an increase from 17.5 billion euros to 20.3 billion, US retail sales in September fell by -0.3%. As a result, the euro grew by 38 points.

The price reached the Fibonacci level of 123.6% on the daily chart. If yesterday's growth is taken as false, then today the euro can turn under the MACD line and further to the level of 138.2% (1.0985). If psychological growth continues, the goal looks open - 1.1125 - an embedded line of the price channel. The uncertainty range is wide: 1.1030-1.1125 - MACD line-price channel line.

Another divergence was formed on the Marlin oscillator on the four-hour chart. There are no other reversal signs on the chart.

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