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26.10.201815:43 Forex Analysis & Reviews: Trading Plan 10/26/2018

Long-term review

Trading Plan 10/26/2018

The ECB did not provide any support for the euro.

On Thursday, the most important event of the week took place, the ECB's decision on interest rates. As expected, the ECB did not make any changes to the current policy, pumping the market with liquidity in the reduced to 17 billion euros per month will last until December. Everyone was waiting for a change in Draghi's speech but the changes were not in favor of the euro. Unlike the last meeting, the question of starting a rate hike, which was supposed to start in September 2019, will be silent.

As a result, the EUR / USD rate broke down the key support of 1.1430 and fixed below 1.1400, a technically strong signal down.

The pound also broke through important support of 1.2920.

The franc ahead up (up on USD / CHF) is an important level of 1.0070.

Today, an important report on the US economy, the first reading of GDP for the 3rd quarter at 13.30 Moscow time.

Pound: we hold sales from 1.2920, but stop at 1.2920.

Alternative: buy from 1.3260.

Exchange Rates 26.10.2018 analysis

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Jozef Kovach,
Analytical expert of InstaForex
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