EUR/USD Intraday Snapshot (Trend, Levels, News, More)
Leonardo Barata | Oct 21, 2018 12:47AM ET
Trend (short-term): UP
Market Background (mid-term): WEAK
Supply/Demand: Recent Demand at 1.1447
Support (nearest): 1.14322
Resistance (nearest): 1.16215
Next Event: Existing Home Sales (2h 59m)
Next High Impact Event: N/A
Volatility: REGULAR (+0% avg.)
Daily Range (Expected): 1.1420 – 1.1488 / 54% of avg. daily range Completed
HIGHLIGHTS:
- Recent Institutional Buying detected
Here we have an interesting situation that requires attention. Despite of weak background and mid-term downtrend, we have a Support (1.14322) that also is the recent lower range of 1H EURUSD. So, in this case, there is a strong possibility of the trend change, which is why we should look for trend change signals in this area (like short volume and demand signals). On the other hand, if the price breaks Support (1.14322) with high volume we should look for short positions since the mid-term downtrend may continue.
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