EUR/USD dynamics scenarios on October 24, 2023
October 24, 2023 4:23 pmVideo
Latest News
- Trading Signals for ETH/USD (Ethereum) for April 12-15, 2024: buy above $3,435 (3/8 Murray – 200 EMA) April 12, 2024
- EUR/USD. Analysis for April 12th. The euro falls down under the pressure of the news background April 12, 2024
- GBP/USD. Analysis for April 12th. A significant event: the pound fell below the 25-figure April 12, 2024
- Trading Signals for EUR/USD for April 12-15, 2024: buy above 1.0620 (-2/8 Murray – rebound) April 12, 2024
- GBP/USD: trading plan for the US session on April 12th (analysis of morning deals). The pound followed the euro April 12, 2024
- EUR/USD: trading plan for the US session on April 12th (analysis of morning deals). The euro continues to fall April 12, 2024
- EUR/USD and GBP/USD: Technical analysis on April 12 April 12, 2024
- EUR/USD: Dovish signals from the ECB and rising PPI April 12, 2024
- EUR/USD. April 12th. ECB meeting: confidence in rate cut increased in June April 12, 2024
- GBP/USD. April 12th. British economy continues to stagnate April 12, 2024
- Analysis and trading tips for EUR/USD on April 12 (US session) April 12, 2024
- Analysis and trading tips for USD/JPY on April 12 (US session) April 12, 2024
- Analysis and trading tips for GBP/USD on April 12 (US session) April 12, 2024
- Weekly Forex Outlook: 12/04/2024 – More inflation data on the way as rate cut bets in disarray April 12, 2024
- Technical Analysis – GBPUSD ticks down to new 5-month low April 12, 2024
- Bitcoin holds above $70,000 as halving event looms – Crypto News April 12, 2024
- Week Ahead – More inflation data on the way as rate cut bets thrown into disarray April 12, 2024
- Bitcoin will thrive during supply crisis April 12, 2024
- Technical Analysis – EURUSD plummets after US CPI and ECB decision April 12, 2024
- Will US retail sales add juice to the dollar’s rally? – Preview April 12, 2024
The preliminary European PMIs published this morning had a negative impact on the euro. Although some of the data presented were better than forecasts, overall, they indicated a continued economic slowdown in the Eurozone.
In response to the data, the euro sharply declined, including against the dollar, even though the EUR/USD pair reached a local high on September 21 at the 1.0694 level.
As of writing, EUR/USD is testing a critical short-term support level at 1.0628. Its breakdown will pave the way for further decline within the bearish trend, targeting the medium-term level below the key resistance level of 1.0745 (200 EMA, 144 EMA on the daily chart) and the long-term level below the key resistance level of 1.1020 (200 EMA on the weekly chart).
In this case, the nearest downside target will be the important short-term support level at 1.0586 (200 EMA on the 1-hour chart), and a breakdown will confirm this assumption.
In an alternative scenario, a rebound will occur from the support level at 1.0628, and after a re-break of the important resistance level at 1.0670 (50 EMA on the daily chart), the price will resume its upward movement.
In this case, the corrective rise of the pair may continue towards the key resistance level at 1.0745, taking EUR/USD into the realm of the medium-term bull market. In turn, a breakout of the key resistance level at 1.1020 will return the pair to the long-term bull market.
Support levels: 1.0628, 1.0600, 1.0586, 1.0560, 1.0530, 1.0500, 1.0448, 1.0400
Resistance levels: 1.0670, 1.0695, 1.0700, 1.0745, 1.0800, 1.0820, 1.0900, 1.0920, 1.1000, 1.1020, 1.1090, 1.1200, 1.1275, 1.1300, 1.1400, 1.1500, 1.1600
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: