empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

22.10.202116:15 Forex Analysis & Reviews: EUR/USD Hot Forecast for October 22

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 22.10.2021 analysis

The persevering selling pressure on the greenback helps EUR/USD to advance to the area of daily highs near 1.1650 on Friday. The data from the US showed on Friday that the economic activity in the private sector continued to expand at a robust pace in early October.

Mirroring EUR/USD's indecisiveness in the near term, the Relative Strength Index (RSI) indicator is moving sideways a little above 50 on the four-hour chart.

On the downside, the initial support is located at 1.1620 (Fibonacci 23.6% retracement of September downtrend). A daily close below that level could open the door for another leg lower towards 1.1600 (psychological level, 100-period SMA) and 1.1560 (static level).

As mentioned above, 1.1670 (Fibonacci 38.2% retracement, 200-period SMA) aligns as a significant hurdle. With a decisive break above that level, 1.1700 (psychological level) and 1.1720 (Fibonacci 50% retracement) could be targeted.

Jan Novotny
Analytical expert of InstaForex
© 2007-2024

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off