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03.10.201808:41 Forex Analysis & Reviews: Technical analysis of EUR/USD for October 3, 2018

Long-term review

EUR/USD has touched the support trend line we showed yesterday for the 8th time and prices bounced strongly from 1.1505 to 1.1590. Price is making higher highs and higher lows in short time frames. Bulls need to hold above 1.1534 in order for the bullish short-term trend to remain intact.

Exchange Rates 03.10.2018 analysis

Red line - major resistance

Blue line - major support

EUR/USD is bouncing. Next resistance is at 1.1630. Support is at 1.1530-1.15. The bounce will continue higher as long as price is above 1.1530. I expect EUR/USD to move higher over the coming weeks above the red trend line resistance. The recent low could be an important one, but this will be more certain if price breaks above 1.1630.

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

Alexandros Yfantis,
Analytical expert of InstaForex
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