02.10.2023 09:38 AM
Technical Analysis of EUR/USD for October 2, 2023

Technical Market Outlook:

The EUR/USD pair had tested the technical resistance located at the level of 1.0616 and pulled-back lower. The 50% Fibonacci retracement level is seen at 1.0613 and 61% Fibonacci retracement is seen at 1.0640. The key short-term technical resistance is located at the level of 1.0735 and only a strong and sustained breakout above this level would change the current situation. The intraday technical support is seen at 1.0559. Please notice, that despite the possible pull-back, the mid-term outlook remains bearish due to the Bearish Cross of 50 and 100 DMA on the daily time frame chart.

This image is no longer relevant

Weekly Pivot Points:

WR3 - 1.05916

WR2 - 1.05782

WR1 - 1.05722

Weekly Pivot - 1.05648

WS1 - 1.05588

WS2 - 1.05514

WS3 - 1.05380

Trading Outlook:

Since the beginning of October 2022 the EUR/USD is in the corrective cycle to the upside, but the main, long-term trend remains bearish. This corrective cycle was terminated at the level of 1.1286 which is 61% Fibonacci retracement level and the market reversed lower. The intermediate down move is 8 weeks long now and if the level of 1.0636 is broken (technical support), then the bears might extend the down move towards the level of 1.0517.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex always strives to help you
    fulfill your biggest dreams.
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In February we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback