EUR/USD analysis for October 05, 2023 – Potential for the downside movement
October 5, 2023 9:26 am
Technical analysis:
EUR/USD has been trading upside in the background but I found lack for buying power to push above 1.0530, which is a sign for the potential downside movemenet.
Due to the rejection of the resistance cluster and strong downside trend in the background, I see potential for the further drop towards lower reference.
Downside objectives are set at the price of 1.0485 and 1.0450
RSI oscillator is showing fresh hidden bearish divergence, which is good sign for the further downside movement.
Key resistance is set at the price of 1.0530
The material has been provided by InstaForex Company – www.instaforex.com
Technical
analysis:
EUR/USD
has been trading upside
in the background but I found lack for buying power to push above
1.0530, which is a sign for the potential downside movemenet.
Due
to the rejection of the resistance
cluster and strong downside trend in the background, I see potential
for the further drop towards lower reference.
Downside
objectives
are set at the price of 1.0485 and 1.0450
RSI
oscillator is showing fresh hidden bearish divergence, which is good
sign for the further downside movement.
Key
resistance is set at the price of 1.0530
The material has been provided by InstaForex Company – www.instaforex.com
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