Headlines the Economic Calendar on Friday
US Michigan Consumer Sentiment: US Michigan Consumer Sentiment for October will be an important release on Friday. The Index is expected to rise to 96.0 in October from 93.2 in the previous number. A higher than expected reading should be taken as positive for the US Dollar.
Economists cut euro area inflation and economic outlook: 2019 inflation seen at 1.2% (previously 1.3%), 2020 inflation seen at 1.2% (previously 1.4%)
EUR/USD: The EUR/USD pair showed a downward movement after the European Central Bank (ECB) left monetary policy unchanged yesterday. The EUR/USD pair is now trading below the key level of 1.1114. If the price stays below 1.1114, on a four hourly basis, the downward movement may continue and we will follow the support level at 1.1052. On the other hand, if the price goes beyond 1.1114, the next resistance level will be at 1.1165.
Support : 1.1052 - 1.0007 - 1.0965
Resistance : 1.1114 - 1.1165 - 1.1237
GBP/USD: U.K. Prime Minister Johnson said U.K. lawmakers should back an early Dec. 12 general election to get more time to scrutinize the Brexit deal.
Senior EU official said a decision in principle from the EU on an extension to Brexit deadline is expected to be announced later today
Focus on the key support level of 1.2838. If the GBP/USD pair stays above 1.2838 on a four hourly basis, we will watch the resistance level at 1.2947. On the other hand, if the pair drops below 1.2838, we will face the support level at 1.2768.
Support : 1.2838 - 1.2768 - 1.2671
Resistance: 1.2947 - 1.3046 - 1.3136
Gold: The Gold Price surged yesterday. Now keep your eye on the key resistance level of 1509. In order for the upward movement to gain more momentum, it needs to break out and stay above 1509 on a four hourly basis. Should this occur, the next daily resistance level can be seen at 1524. Otherwise, the key support level will be at 1492 again.
Support: 1492 - 1478 - 1466
Resistance: 1509 - 1524 - 1540
EUR/GBP: The EUR/GBP pair is currently trading above the 0.8629 major support level. As long as the pair stays above 0.8629 on a daily basis, we will follow the daily resistance level at 0.8839. On the other hand, if the price breaks down below 0.8629, the next support level will be at 0.8488.
Support: 0.8629 - 0.8488 - 0.8316
Resistance: 0.8739 - 0.8796 - 0.8846
WTI: Watch out the main resistance level of 56.40 in the Crude Oil Price. In order for the rise to gain more momentum, it needs to break out 56.40 and stay above that level on a daily basis. At this point, the next resistance levels will be placed at 57.98. Otherwise, we will follow the key support level at 54.68.
Support: 54.68 - 53.51 - 52.19
Resistance: 56.40 - 57.98 - 58.95