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The Forex Report – FX Friday - 26 October 2018

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Barry Dumas
YOUR-FRIDAY-FOREX-REPORT
Dollar strength is currently the talk of the town as the greenback has gained close to 3% over the last month. If the Dollar continues to strengthen that would have an inverse effect on the major currency pairs like EUR/USD, GBP/USD.
 

Looking at the Dollar Index (DXY) chart we can see that it is currently heading for some resistance around the 96.79 Level. If we see the DXY push through this level, then we can expect the bears to be in control of the EUR/USD currency pair.

 

Dollar Index

Source – Bloomberg

 

Technical trade idea on EUR/USD

We are getting in at the end of this move for a couple of pips still left on the table as long as the Dollar strengthens.

Trade: EUR/USD

  • Entry (Sell): 1.1350
  • Stop loss: 1.1394
  • Target price: 1.1298

EUR USD Currency pair chart technical trade signal

 Source – Bloomberg


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