AceTraderFx Oct 24: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 24 Oct 2019 03:30GMT
EUR/USD - 1.1137
Although price has retreated after Monday’s brief break of Friday’s high at 1.1173 to a 2-month peak at 1.1179 and minor consolidation would be seen, as 1.1107 has contained downside yesterday, upside bias remains and above said resistance would extend upmove from October’s 28-month trough at 1.0880 to 1.1209/10 later before prospect of correction due to loss of momentum.
On the downside, only below 1.1102 would indicate a temporary top has been made and risk stronger retracement to 1.1085/90 before rebound occurs.
Market focus is on the European Central Bank’s rate decision at 11:45GMT. No changes in policy are expected at President Mario Draghi’s last meeting before passing the reigns to Christine Lagarde. Draghi will deliver his final press conference at 12:30GMT.