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EUR/USD Midweek Update 17 Oct 18

Good day forex traders.

It is midweek and hence a good opportunity to evaluate the price action thus far. Of particular interest would be the support and resistance region of 1.16. It has functioned as a pivot for sometime now with the EUR/USD consolidating around it.

Looking at the EUR/USD daily chart above we noted that the currency pair has failed to establish a beachhead above 1.16. The middle bollinger band probably resisted the bullish attempts too. Bearish momentum may bring it down further to 1.15.

Inflation data for the euro zone came in as expected. The European Central Bank looks towards inflation as a significant guiding point for it’s monetary policy and investors are not seeing any pick up in the pace of undoing of the quantitative easing measures taken previously.

Special mention to the upcoming EU Economic Summit and FOMC minutes. Discussions of brexit, Italy, interest rates and more are potential drivers of momentum and hence proper money management is a must.

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