The EUR/USD Fails at Resistance

EUR/USD Analysis 1 October 2018

EUR/USD Spot Price: 1.1595

Support - 1.1550, 1.1500, 1.1300

Resistance - 1.1650, 1.1738, 1.1800

Trade Ideas - The EUR/USD is Weak

  • Position: Short
  • Entry Point: 1.1650
  • Stop Loss: 1.1750
  • Take Profit: 1.1500

I want to get short at 1.1650 with a stop loss at 1.1750 and a profit target of 1.1500.

2018-10-01-eurusd-trade-ideas

EUR/USD 240 min Chart - EUR/USD is Weak

Jobs in Focus

The EUR/USD made a run at the highs, but sure enough, it just couldn’t hold on. Once again we can look to the USD as the main cause for the fall.

The Greenback has been struggling in recent times, being held back by negative trade headlines that have been weighing on it.

On Monday we have already heard the NAFTA deal is looking like it will go ahead and that might give it some further upside. Either way, the EUR/USD just can’t hold resistance and that means that price is likely to struggle this week,

We also saw some upside from the dollar on the back of yet another rate hike from the FOMC. The Fed now believes there is plenty more room to remain hawkish as we go into 2019 and 2020.

Key Economic Data

This week we have the big event from the US which is non-farm payrolls. This month the US is looking at 185K jobs created for the month and if we get a better result, expect even more upside for the USD.

Technical Levels

The EUR/USD really failed at the 1.1800 resistance level and I now really doubt that we are going to be able to push above that point any time soon.

To the downside, if 1.1550 breaks, then there is a fair bit of room for price to move quickly towards 1.1300. Which would be a big fall from grace for the EUR/USD in a short time.

2018-10-01-eurusd-key-levels

EUR/USD - Key Levels

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