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Market View

Daily FX Market Outlook - EURUSD rebounds

Friday, October 23, 2020 3:40 PM GMT

Last night’s presidential debate was much more “democratic” than the previous one - thanks in part to the now-famed mute button - softening the overall tone of the evening. Trump and Biden agreed to disagree with respect to their views on both COVID-19 and immigration policy. Moving onto vaccine developments, the first large-scale US COVID-19 vaccine trial will shortly commence as pharmaceutical giant Moderna announced its target enrollment of 30,000 participants has been reached. 

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Reviewing today’s agenda, the Central Bank of Russia kept its benchmark interest rate unchanged at 4.25%. UK Composite PMI fell to 52.9 from 56.5 in October, Manufacturing PMI dropped to 53.3 while Service PMI decreased to 52.3 from 56.1 respectively. Reviewing EU’s, Composite PMI slipped to 49.4, Services PMI dropped to 46.2 but Manufacturing PMI rose to 54.4 from 53.7 in October.

EURUSD

The fiber bounced at 1.179 and is currently testing R2 from below. The pair maintains its uptrend as long as follows the rising channel.

240m

GBPUSD

The cable is holding major support for now. If the pair violates it to the downside, then it activates a target at 1.2981, near to 38.2% Fibonacci level. 

240m

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USDJPY

The pair activated the bearish flag as it violated the short-term rising channel to the downside. If it is currently validating the breakout, it may head towards the recent lows again.

60m

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Checking the ZuluTrade’s Traders Sentiment, the community is currently bullish on GBPUSD and USDJPY  while bearish on GBPJPY and EURUSD.

Disclaimer

The views expressed do not constitute investment or any other advice /recommendation /suggestion and are subject to change. Reliance upon information in this material is at the sole discretion of the reader. Opinions expressed in the report do not represent the opinion of ZuluTrade Social Trading Platform and do not constitute an offer or invitation to anyone to invest or trade.

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