EURUSD has continued the recovery from 1.088 to hit its highest price since late August. The following EURUSD Elliott wave analysis October 18 update looks at what could happen next.October 18, 2019 | AtoZ Markets - EURUSD extends above 1.11 for the first time since late August. The EU has had an agreement with the UK on Brexit. This could have cleared the uncertainties and attracted more EUR bulls. This also came on the back of weak US data. The Philly Fed Manufacturing Index and US Crude Oil inventories all came disappointing. The USD slumped across the board on Thursday as a result. EURUSD price hit 1.114. Meanwhile, the currency pair has been silent today but still remains above the 1.11 handle. The EU summit continues today. It remains to be seen whether the price will extend the current recovery to 1.125.Although the current surge looks good for the Euro, the currency pair still remains in the bearish territory. In addition to this, the EURUSD price pattern from 1.088 looks corrective. If the price drops quickly below 1.11, the long-term bearish trend might just continue toward the 1.1 and 1.088 support levels. To the upside, if the bulls push higher, 1.125 and 1.141 are the next resistance levels to watch out for. Speculations about the parliament Brexit vote could rock the market. The market will also look forward to the ECB monetary policy statement and press conference next week.
