SP500, EUR/USD analysis & trading forecast for 21 – 25 October 2019
All those talks about Trump’s impeachment fade away as it was expected. At least stock market investors don’t believe it can really happen and continue to buy the dips. However, SP500 remains high-risk trade with all pre-elections fights. I still believe we will see 3100 given enough time. Historically the end of October is bullish. Well, it doesn’t mean you have to jump into longs no matter what. But if at the end of this month you will see strong buy signals, its worth to get into.
Last week US data were weak and brought USD lower against almost all currencies. Most of the numbers were related to the real estate market. As you likely know its one of the main indicators of the US economy. I don’t see any changes to my forecast. Still waiting for 1.1300 level as the end of the third wave. So, if we get a pullback in EUR/USD, look for a buy signal.
Wishing you a great week!