Forecast for EUR / USD pair on October 31, 2018

EUR / USD pair

On Tuesday, the technical background to the euro decline was supported by economic data. The GDP of the euro area was only 0.2% for the 3rd quarter against the forecast of 0.4%. The US consumer confidence index from the Conference Board in October grew from 135.3 to 137.9 while the forecast was 136.3. As a result, the euro lost 27 points. Also, the Marlin oscillator showed the probability of a correction on the H4 timeframe. Then today, there is not a single sign for such a correction. The price is falling and the closest target is at least .1300 on August 15. Fixing below the said level will open a new round target 1.1200.

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Good economic data for the eurozone is expected today. The forecast for retail sales in Germany is 0.5% for the month of September. Meanwhile, the CPI for the euro area is 2.2% in October against 2.1% in September, but similar indices for other economic regions that were already released cast doubt on current forecasts.

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