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  • Forecast for EUR/USD on October 14, 2020

    EUR/USD
    The S&P 500 lost 0.63% on Tuesday, on the news that Johnson & Johnson's anti-skin vaccine trial was suspended due to severe side effects, and so the euro fell by 66 points. This, as we see it, stopped the speculative growth over the euro that has been ongoing for the past two weeks. The price moved below the target level of 1.1754, having reversed from the resistance of the balance line on the daily chart. The Marlin oscillator is back in the negative territory. Now we are waiting for the price to drop to the target level of 1.1650, then to 1.1550 (November 2017 low).

    The price settled under the MACD line on the four-hour chart, while Marlin is in the negative zone. Conditions for a further decline have been formed, we are waiting for the price at the indicated levels.

    Analysis are provided by InstaForex

    Comment


    • Forecast for EUR/USD on October 15, 2020

      EUR/USD
      The situation has not changed for the euro over the past day. Trading was weak on Wednesday, the price is also settling below the 1.1754 level. The Marlin oscillator moves along the border that separates the growth zone from the decline zone on the daily chart. Outwardly, the situation is neutral, but the price is developing below the red balance indicator line, which means consolidating in a dynamic downward trend. The 1.1650 target is dominant, the probability of reaching it is 65-70%.

      The four-hour chart shows that yesterday's attempt to go beyond the area above the MACD line turned out to be weak, the price has already settled below it and is ready to continue its decline. The Marlin oscillator is growing in the downward trend zone, but this growth in structure is the indicator unloading before declining even deeper.

      Analysis are provided by InstaForex

      Comment


      • Forecast for EUR/USD on October 16, 2020

        EUR/USD
        The euro opened and ended Thursday at 1.1754, the area which is below the key level of the lower boundary of the monthly range of the second half of August and the first half of September. This means that the initial condition for the medium-term downward trend has been met. We are waiting for the price to fall to 1.1315. But the euro's first target is the 1.1650 level, followed by the second target at 1.1550 - the November 2017 low. The Marlin oscillator has strengthened in the territory of the downward trend zone.

        According to the indicators, the trend is downward on the four-hour chart, but the signal line of the Marlin oscillator sharply turned upwards, which may indicate a deepening correction. The limit for the corrective growth is the 1.1754 level . The price will give a new downward momentum if the price moves below yesterday's low of 1.1688.

        Analysis are provided by InstaForex

        Comment


        • Technical Analysis of EUR/USD for October 19, 2020

          Technical Market Outlook:

          The EUR/USD pair has been seen moving lower at the beginning of the trading week. The last lower low was made at the level of 1.1688, just below the technical support seen at the level of 1.1696 and this is the next target for the bears. The nearest technical resistance is seen at the level of 1.1746. Despite the oversold conditions, the momentum remains weak and negative, which support the short-term bearish outlook.

          Weekly Pivot Points:
          WR3 - 1.1924
          WR2 - 1.1873
          WR1 - 1.1783
          Weekly Pivot - 1.1733
          WS1 - 1.1641
          WS2 - 1.1593
          WS3 - 1.1509

          Trading Recommendations:
          Since the middle of March 2020 the main trend is on EUR/USD pair has been up, which can be confirmed by almost 10 weekly up candles on the weekly time frame chart and 4 monthly up candles on the monthly time frame chart. Nevertheless, weekly chart is recently showing some weakness in form of a several Pin Bar candlestick patterns at the recent top seen at the level of 1.2004. This means any corrections should be used to buy the dips until the key technical support is broken. The key long-term technical support is seen at the level of 1.1445. The key long-term technical resistance is seen at the level of 1.2555.

          Analysis are provided by InstaForex

          Comment


          • Forecast for EUR/USD on October 20, 2020

            EUR/USD
            The euro has grown by 50 points on Monday. News agencies attribute the growth to hopes for a stimulus package in the United States before the presidential election and the imminent appearance of a coronavirus vaccine. As a rule, there are two cases why the media releases information: to cover up speculative operations, and when no one knows the reason. At the moment, we do not see any sense in speculative operations, respectively, this is how large players operate. Appetite for risk in the market has not increased, as US stock indexes lost around one and a half percent yesterday.

            Nevertheless, the momentum is set, the price could slightly rise a little more before it decisively falls. The growth target could be the October 6 high at 1.1808. The price crossed the balance indicator line on the daily chart, while Marlin entered the growth zone. A delay above the levels will strengthen the bulls' position and the pair could grow to 1.1915 in the near future - to the MACD line on the daily timeframe. If the pair closes below 1.1754, which will also correspond to the close below the balance line, then a deeper movement down to the target levels 1.1650 and 1.1550 will begin tomorrow.

            The price settled above both indicator lines on the four-hour chart, Marlin is in the positive zone, indicating a short-term downward reversal. Here the situation repeats the daily scenarios - the price settling below 1.1754, respectively, and below the MACD line, will become a platform for reaching 1.1650. Settling in the area above 1.1808 will not yet be a condition for rising to 1.1915 just yet, as there are other resistances along this speculative and volatile path. For example, 1.1831 is the peak on October 9.

            Analysis are provided by InstaForex

            Comment


            • Technical Analysis of ETH/USD for October 21, 2020

              Crypto Industry News:
              Speculation about Ethereum 2.0 continues, and there are newer and newer leaks from insiders. One recent speculation is where the developer of Ethereum 2.0 predicts that a smart protocol contract allowing their Ethers to be deposited on 2.0 networks will be released in a matter of days. The staking process itself would start later this year.

              ConsenSys developer Ben Edgington posted an entry that predicts the genesis of the ETH 2.0 beacon chain will take place in the next six to eight weeks.
              In a post announcing the launch of the zero version for client 1.0, Edgington revealed that the protocol's smart contract feature should be announced this week. A smart escrow contract that allows ETH sending between Network 1.0 and Network 2.0 and is one of the few remaining updates needed to facilitate Ethereum 2.0 rollout in Phase 0. To complete Phase 0 launch, 500,000 Ethers will need to be staked once the beacon chain has started. After that, the network will prepare for the official launch for several weeks.

              Technical Market Outlook:
              The ETH/USD pair has extended the retracement towards the level of 61% located at $381.85, then the market pulled back towards the intraday support at $375.52 and bounced to the $381.85 again. The target for bulls is still seen at the level of $400 and the bulls are consolidating the recent gains. The nearest technical resistance is seen at the level of $389.90 and at the swing top at $394.95. On the other hand, the target for bears is seen at the level of $360.60 and $355.60 and the nearest technical support is seen at the level of $369.37.

              Weekly Pivot Points:
              WR3 - $424.52
              WR2 - $408.88
              WR1 - $391.97
              Weekly Pivot - $376.47
              WS1 - $357.63
              WS2 - $341.22
              WS3 - $328.22

              Trading Recommendations:
              The weekly and monthly time frame trend on the ETH/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. Moreover, bulls had bounced from the weekly trend line support last week and now are away from it. The key mid-term technical support is currently seen at the level of $305.20 - $321.95, so all the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $500.

              Analysis are provided by InstaForex

              Comment


              • Forecast for EUR/USD on October 22, 2020

                EUR/USD
                Yesterday, the effect of good expectations worked on the markets - according to Michel Barnier, investors sensed the possibility of an EU-UK deal and began to buy both the euro and the pound. As a result, the euro grew by 39 points, the pound by 198 points. The euro did not reach the target level of 1.1915 by around 35 points, which raises a difficult question, will it work out at all or not? The signal line of the Marlin oscillator has already begun to reverse.

                The Marlin is also turning around on the 4-hour timeline, but there are no actual reversal signals yet. It is very likely that the price will still reach the designated target, slightly going beyond it in order to reach the MACD line on the daily scale, and this will form a divergence reversal with Marlin.

                So, we are waiting for the price to grow to the previously indicated level in the area of the MACD line on the daily chart at 1.191520.

                Analysis are provided by InstaForex

                Comment


                • Technical Analysis of GBP/USD for October 23, 2020

                  Technical Market Outlook:
                  The GBP/USD pair keeps going lower as the corrective cycle from the local high at 1.3180 continues. The price has broken below the 38% Fibonacci retracement seen at 1.3074 and is heading towards the level of 50% located at 1.3041. The market is coming off the overbought levels, so the price might get below 1.3000 zome again. The key technical support is still seen at the level of 1.2982 - 1.3017. Moreover, it is worth to keep an eye on the upper channel line again for any indication of broken support.

                  Weekly Pivot Points:
                  WR3 - 1.3222
                  WR2 - 1.3147
                  WR1 - 1.3005
                  Weekly Pivot - 1.2924
                  WS1 - 1.2790
                  WS2 - 1.2718
                  WS3 - 1.2567

                  Trading Recommendations:
                  On the GBP/USD pair the main, multi-year trend is down, which can be confirmed by the down candles on the monthly time frame chart. The key long-term technical resistance is still seen at the level of 1.3518. Only if one of these levels is clearly violated, the main trend might reverse (1.3518 is the reversal level) or accelerate towards the key long-term technical support is seen at the level of 1.1903 (1.2589 is the key technical support for this scenario).

                  Analysis are provided by InstaForex

                  Comment


                  • Forecast for EUR/USD on October 26, 2020

                    EUR/USD
                    The euro fully recovered on Friday after falling on Thursday, now the price intends to reach the target level of 1.1917 - the highs of September 10 and August 6. Perhaps growth will be slightly higher in order to reach the MACD line. The highest peak is seen at the upper border of the price channel at 1.1960. The Marlin oscillator is growing, the bullish trend of the corrective plan continues.

                    The price rises after a false departure under the MACD line on the four-hour chart, which is its own sign of continuing the movement after a false price maneuver. The same maneuver was made by the Marlin oscillator, now the price is in a growing position for all indicators on this timeframe. We are waiting for the price to rise to the designated target of 1.1917.

                    Analysis are provided by InstaForex

                    Comment


                    • Forecast for AUD/USD on October 27, 2020

                      AUD/USD
                      The aussie lost 14 points yesterday, staying within Friday's boundaries and target support at 0.7120. As we suspected yesterday, the aussie was thwarted by commodity markets; oil -1.50%, iron ore -0.6%, copper -1.42%. But the price goes up.

                      The Marlin oscillator is trying to enter the growth zone for the second day, the balance indicator line sets the price to maneuver to 0.7190.

                      Growth is constrained by the MACD line on the four-hour chart. Getting the price to settle above it will bring the aussie to the target level of 0.7190. Also, the price can continue rising when it leaves the area above yesterday's high.

                      This plan can be crossed out when the price falls below Friday's low of 0.7102, then the target will be 0.7058.

                      Analysis are provided by InstaForex

                      Comment


                      • Forecast for EUR/USD on October 28, 2020

                        EUR/USD
                        The dollar has been strengthening since the beginning of the week. Investors are starting to invest in Biden's victory in the US presidential election, as well as in obtaining a democratic majority in both houses of Congress. To strengthen the euro's downward movement, the price needs to settle below the target level of 1.1754. When this task is completed, the signal line of the Marlin oscillator will move into the negative zone, which will strengthen the trend. The first target after that will be the 1.1650 level. To consolidate the trend, the price also needs to gain a foothold below the red balance indicator line.

                        The four-hour chart shows that the situation is completely decreasing, the price has settled below the balance and MACD lines, while Marlin is declining in the negative zone. We look forward to a decline in prices and reinforcement of the fall on the daily chart.

                        Analysis are provided by InstaForex

                        Comment


                        • Forecast for EUR/USD on October 29, 2020

                          EUR/USD
                          The euro has fueled the expected fall. The single currency lost 40 points yesterday, the reason for this was the introduction of a strict quarantine in France and a fall in oil by 4%. The price has overcome the target level of 1.1754 and is currently gathering forces under it to fall further to the next target of 1.1650. This movement is delayed by the red balance indicator line on the daily chart. The oscillatory line touched the border of the decline area yesterday, now the price has to build up strength to break through the technical supports.

                          There are no signs of a possible deep correction on the four-hour chart, the accumulation of forces is likely to have a consolidation character. We are waiting for the price to move to 1.1650 once it is completed.

                          Analysis are provided by InstaForex

                          Comment


                          • EUR/USD Forecast for October 30, 2020

                            EUR/USD
                            On Thursday, the Euro fell by 72 points, having worked out the first target of 1.1650 as the minimum of the day. This goal was worked out qualitatively. This was worked out on good market volumes, with technical confirmation of the Marlin oscillator by moving to the zone of negative values. This is a zone of a downward trend to fix the price under the balance indicator line on the daily scale chart. The reason for this movement was the ECB meeting, at which it was decided to change the current monetary policy towards easing in December. The next step of the price is waiting for its transition to the level of 1.1650 and working out the subsequent goal of 1.1550, this is the minimum of November 2017.

                            On the four-hour chart, the signal line of the oscillator turns up, the Marlin is slightly discharged, not wanting to go deeper into the oversold zone. We are then waiting for a new wave of decline to the designated goal. It is possible that the price will go below 1.1650 only on Monday.

                            Analysis are provided by InstaForex

                            Comment


                            • Forecast for EUR/USD on November 2, 2020

                              EUR/USD
                              Last Friday the euro settled below the balance indicator line on the daily timeframe. The MACD indicator line turned down, while the Marlin oscillator settled in the downward trend zone. The situation is completely downward in the medium term. The closest target is the 1.1590 level, then 1.1495.

                              A weak convergence formed according to Marlin on the four-hour chart, this gives a precondition for the price to settle before the presidential elections in the United States. The price will likely settle in a narrow range below the 1.1650 level.

                              As for the price's behavior after Biden's victory, the dollar will most likely strengthen, since we see no reason for the opposite due to the victory of the Democrats. In the current economic cycle and with geopolitical events, a strong dollar is beneficial to the United States, regardless of the party that came to power. Moreover, the euro's growth back in July-August was speculative, since no financial institution in the United States, be it a bank or an investment company, gave an intelligible answer to this growth. The Commitment of Traders (COT) data shows the largest volume of accumulated long positions in the euro over the past nine months, it's time to send the bulls to the slaughterhouses. We expect the euro to start falling from 1.1165-1.1200 within 2-3 weeks.

                              Analysis are provided by InstaForex

                              Comment


                              • AUD / USD Forecast for November 3, 2020

                                AUD / USD
                                In the last two days, the Australian Dollar the range of fluctuations increased against the background of mixed dynamics in the commodity markets and the upcoming elections in the US but in general the price does not move above the level of 0.7058. It is probably choosing it as a platform for working out the nested line of the price channel in the area of 0.6937. The Marlin oscillator is in the negative trend zone.

                                On the four-hour chart, the Marlin signal line has returned to the border with the growth territory. From here, a downward turn is possible and the price may fall further. The first goal is 0.6970 and overcoming it will create a condition for a breakthrough to 0.6937. Fixing the price below this level opens up the prospect of further decline.

                                Analysis are provided by InstaForex

                                Comment

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