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EUR / USD trading volatility declines amid lack of important economic news

Oct 22 2019, 04:21 PM (+06) |

Amid a lack of important economic news, the volatility of trading on the EUR / USD pair has significantly decreased. Investors remain focused on Brexit related news. The Monday vote on the Brexit bill has been rescheduled to date. Accordingly, the results of this vote will have the greatest impact on the dynamics of the EUR / USD pair. If the parliament will support the project of Boris Johnson, the EUR / USD pair can get quite strong support and continue to move up. In case of failure, the British pound and European currencies will be under strong pressure and can demonstrate quite strong pullbacks.

In the US today it is worth paying attention to the publication of data on sales in the secondary housing market. Last week, weak statistics seriously weakened demand for the American currency. Therefore, in the near future we should expect increased attention to macroeconomic indicators from the United States.

On the chart, the bears continue to keep the price below the level of 1.1160, so today the scenario with the formation of a pullback movement in the direction of the level of 1.1115 remains valid.

Resistance levels: 1.1160, 1.1235, 1.1280.

Support levels: 1.1115, 1.1070, 1.1000.

The main scenario is a decline to 1.1115.

An alternative scenario is a breakdown of resistance at 1.1160 and an increase to 1.1235.

The market maintains a neutral news background. On the chart, bearish signals prevail locally. We consider shorts with moderate risks from the level of 1.1160.

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