empty
24.10.2017 10:08 AM
Trading plan for 24/10/2017

Trading plan for 24/10/2017:

The markets are still waiting to settle in a set of political themes, which condemns trade to remain in the narrow band. Speculation that the central bank's mandate to change in New Zealand harms NZD, which is today the weakest.The rest of FX is relatively stable, waiting for settlement on the ECB side, Brexit, US tax reform, the election of the Fed Chair. EUR/USD rebounded at 1.1770 overnight. USD/JPY has fallen to 113.20 in the New York session but is already heading towards 113.50.

On Tuesday 24th of October, the event calendar is busy with important data releases in form of a set of Flash PMI Manufacturing, Services and Composite data from France, Germany, Eurozone and the US.

EUR/USD analysis for 24/10/2017:

The market participants expect the Flash PMI reading to be at least in line with the expectations, which means, the indicators should stay above the fifty level that separates expansion from contraction. Except for today's data, the list of topics that may move the markets this week is long, but for now, not much is moving in the financial markets and the volatility is low. As a result, the EUR remains frozen until Thursday ECB interest rate decision and investors are not even willing to open the limit orders before the event.

Let's now take a look at the EUR/USD technical picture at the H4 time frame. Before the week's main event, the price is moving inside of the tight horizontal zone between the levels of 1.1729 - 1.1880. The 61% Fibo at the level of 1.1876 is still the key level to the upside and any violation of this level will lead to range breakout and a rally towards the next technical resistance at the level of 1.1936. The key level to the downside is seen at the level of 1.1665.

This image is no longer relevant

Market Snapshot: is DAX about to start a correction?

The price of German DAX index has been trading around the level of 13,000 for some time now and has established a horizontal zone between the levels of 13,095 - 12, 908. Due to the clear and visible bearish divergence between the price and the momentum oscillator, the possibility of a deeper local correction is high. The first target would be the gap between the levels of 12.809 - 12, 849, but the dip might extend much lower.

This image is no longer relevant

Market Snapshot: EUR/GBP in horizontal range

The price of ERU/GBP has tested the 50% Fbo at the level of 0.9025 again but did not manage to break out above it. The market returned to the consolidation zone between the levels of 0.8856 - 0.9025 and this two levels will be the key levels for both bulls and bears in the coming days.

This image is no longer relevant

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

How to Trade the GBP/USD Pair on May 14? Simple Tips and Trade Analysis for Beginners

Analysis of Tuesday's Trades 1H Chart of GBP/USD On Tuesday, the GBP/USD pair experienced significant growth, despite no clear catalyst behind it. On Monday, the dollar rose on specific grounds

Paolo Greco 06:11 2025-05-14 UTC+2

How to Trade the EUR/USD Pair on May 14? Simple Tips and Trade Analysis for Beginners

Analysis of Tuesday's Trades 1H Chart of EUR/USD On Tuesday, the EUR/USD currency pair nearly fully recovered from Monday's decline. As reality has shown, strong reasons are required

Paolo Greco 06:11 2025-05-14 UTC+2

Trading Recommendations and Analysis for GBP/USD on May 14: Even UK Unemployment Didn't Help...

On Tuesday, the GBP/USD currency pair easily recovered from the losses it experienced on Monday. Once again, we observe that the British pound rises more strongly than the euro

Paolo Greco 03:52 2025-05-14 UTC+2

Trading Recommendations and Analysis for EUR/USD on May 14: The Circus Continues

The EUR/USD currency pair effortlessly regained most of Monday's losses. On Monday, it was reported that import tariffs between China and the U.S. had been reduced, which can legitimately

Paolo Greco 03:52 2025-05-14 UTC+2

How to Trade the GBP/USD Pair on May 13? Simple Tips and Trade Analysis for Beginners

Analysis of Monday's Trades 1H Chart of GBP/USD On Monday, the GBP/USD pair also collapsed sharply, though it's more accurate to say the U.S. dollar showed strong growth. In recent

Paolo Greco 05:59 2025-05-13 UTC+2

How to Trade the EUR/USD Pair on May 13? Simple Tips and Trade Analysis for Beginners

Analysis of Monday's Trades 1H Chart of EUR/USD On Monday, the EUR/USD currency pair plunged. Traders have likely gotten used to the idea that the U.S. dollar can't show strong

Paolo Greco 05:59 2025-05-13 UTC+2

Trading Recommendations and Analysis for GBP/USD on May 13: A Sudden Turn

On Monday, the GBP/USD currency pair experienced a significant decline, which was driven by progress in negotiations between China and the United States. The logic here is strikingly simple

Paolo Greco 05:08 2025-05-13 UTC+2

Trading Recommendations and Analysis for EUR/USD on May 13: Unexpected Origins

The EUR/USD currency pair showed strong downward movement on Monday, which hasn't happened in quite a while. However, the reasons behind the sharp and sudden surge in the U.S. dollar

Paolo Greco 05:08 2025-05-13 UTC+2

How to Trade the GBP/USD Pair on May 12? Simple Tips and Trade Analysis for Beginners

Analysis of Friday's Trades 1H Chart of GBP/USD On Friday, the GBP/USD currency pair exhibited a tendency to rise. As we can see, first of all, the pair once again

Paolo Greco 06:50 2025-05-12 UTC+2

How to Trade the EUR/USD Pair on May 12? Simple Tips and Trade Analysis for Beginners

Analysis of Friday's Trades 1H Chart of EUR/USD On Friday, the EUR/USD currency pair traded in a fairly technical and predictable manner. The US dollar failed to build

Paolo Greco 06:50 2025-05-12 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.