Free forex signals and forecast is to take a sell position in the EUR/USD pair below the 1.1860 level with a target of 1.1801 level. Germany’s ZEW Indicator of Economic Sentiment fell 13.9 points to a new reading of 26.5 points. Forex trading market participants may look for a sell trade below 1.1855 with an initial target of $1.1801 and $1.1785 levels. The EUR/USD pair closed at $1.1839 after reaching a high of $1.1885 and a low of $1.1837. The EUR/USD pair dropped for the second consecutive session on Tuesday amid the renewed strength of the US dollar. The currency pair has violated an upward channel at the 1.1859 level, which may offer us a sell trade opportunity on Wednesday. Thus, the free forex signals and forecast is to take a sell position in the EUR/USD pair below the 1.1860 level with a target of 1.1801. Get FREE Forex Signals Now! If you are interested in trading EUR/USD with forex robots, check out our guide. A stronger dollar drives the selling trend in EUR/USD No macroeconomic data was released on Tuesday from the United States, which left the US dollar to follow the market trend. A sharp increase in the US Treasury yield on the benchmark 10-year note pushed the yields to 1.38%, its highest level since mid-July. Thus, it helped the greenback find demand. The US Dollar Index also rose by about 0.5% and reached 92.5, adding weight to the currency pair EUR/USD. A Quick Economic Events Outlook The single currency was under pressure from the European side due to poorer-than-expected ZEW Economic Sentiment from the Eurozone. Moreover, Germany indicated the weak economic health of the Eurozone and weighed on the Euro. However, the GDP for the second quarter of the bloc showed substantial growth, which the single currency failed to capitalize on the negative pressure on it. At 11:00 GMT, the German industrial production in July remained flat with expectations of 1.0%. At 14:00 GMT, the ZEW Economic Sentiment from September dropped to 31.1 against the forecasted 35.3 and weighed on the single currency euro. That added to further losses in EUR/USD. German ZEW Economic Sentiment from ZEW The ZEW (Zentrum fur Europaische Wirtschaftsforschung) has released the German ZEW Economic Sentiment for the Eurozone. It declined in September after reaching 26.5 against the forecasted 30.2 and weighed on the Euro. That dragged the currency pair, EUR/USD, further toward the downside. The final employment change for the quarter surged to 0.7% against the expected 0.5% and capitulated to a further loss in EUR/USD. The revised GDP for the quarter also surged to 2.2% against the predicted 2.0% and supported the Euro and limited the downfall in EUR/USD prices. The market focus has shifted towards the upcoming monetary policy meeting of the European Central Bank, which is scheduled for this week on Thursday. Investors expect the ECB to announce a reduced pace of Q4 PEPP purchases as economic conditions are improving in the bloc. However, investors were also cautious about placing solid bids in the riskier currency pair EUR/USD ahead of the meeting. It’s keeping the pair under pressure for the week. EUR/USD 4-Hour Timeframe Free Forex Signals and Forecast – Daily Technical Levels Support Resistance 1.1823 1.1871 1.1805 1.1903 1.1774 1.1920 Pivot Point: 1.1854 Free Forex Signals and Forecast – Weaker than expected German ZEW Economic Sentiment The EUR/USD is trading bearish below the 1.1861 resistance mark. On the 4 hour chart, the breakout of the double bottom pattern is now operating as a resistance for the EUR/USD. The formation of candles below the 1.1861 level could drive an additional selling trend until the 1.1801 support level. Furthermore, the EUR/USD pair is currently trading with a bearish bias at the 1.1840 level as investors are pricing in the weaker than expected German ZEW Economic Sentiment from ZEW. On the downside, the violation of the 1.1861 support level can drive the EUR/USD pair towards the 1.1802 and 1.1750 marks. The 50 days EMA (Exponential Moving Average – Red Line) is held at 1.1860. Thus, it’s supporting a selling trend in the EUR/USD pair. Whereas the oscillator indicator, Stochastic RSI, holds in a selling zone, demonstrating the chances of a selling trade in EUR/USD. EUR/USD Free Forex Signals and Forecast The Forex trading market participants may look for a sell trade below 1.1855 with an initial target of $1.1801 and $1.1785 levels. Instrument: EUR/USD Order Type: Sell Order Entry price: 1.1855 Stop Loss: 1.1875 (20 Pips) TP1: 1.1801 (54 Pips) TP2: 1.1785 (70 Pips) Our Risk Setting: 1% Risk / Reward Ratio: 1:1.7 Looking to trade forex now? Invest at eToro! Trade Forex Now! 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Ali B. Ali B. Live webinar speaker and derivatives (Forex, Crypto, and Indices) analyst with a broad range of skills for evaluating financial data, investment trends, technical analysis, fundamental analysis, and the best ways to strategies investment selection. Expertise: Trading Psychology; Speculative Positioning & Market Sentiment; Technical & Fundamental Analysis. View All Post By Ali B. Daily LookEUR/USD Daily share Read Next MATIC Price Down: Time To Buy Polygon On The Cheap? Gerald Fenech 1 year Free forex signals and forecast is to take a sell position in the EUR/USD pair below the 1.1860 level with a target of 1.1801 level. Germany's ZEW Indicator of Economic Sentiment fell 13.9 points to a new reading of 26.5 points. Forex trading market participants may look for a sell trade below 1.1855 with an initial target of $1.1801 and $1.1785 levels. The EUR/USD pair closed at $1.1839 after reaching a high of $1.1885 and a low of $1.1837. The EUR/USD pair dropped for the second consecutive session on Tuesday amid the renewed strength of the US dollar. 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