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Trading Signals for EUR/USD for October 12-13, 2023: buy if rebounds at 1.0537 (weekly pivot – 21 SMA)
October 12, 2023 5:22 pmVideo
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Early in the American session, the Euro (EUR/USD) is trading around 1.0548 with a strong bearish movement after having broken a rising wedge pattern. It is now finding significant support around the weekly pivot point, which could offer a technical rebound.
Inflation data from the United States came out above what analysts expected, reaching 3.7%, which supported the expectation that the FED could increase its interest rate in the coming months. This fact could play a role against the euro and it could once again reach the psychological level of 1.05 and even up to the 1.0448 area.
The H-4 chart for the EUR/USD pair suggests that the decline will go on since the pair could not overcome the 200 EMA (1.0654). Besides, we observe the breakdown of the bullish trend channel which has been in progress since October 3.
The sharp break of the wedge pattern that the euro made and the fact that it is trading below 3/8 Murray and below the 21 SMA suggests that in the short term, the euro could remain bearish and could reach 1.0498 and 1.0448.
Since October 9, the eagle indicator has been showing overbought signals. If a technical rebound occurs in the next few hours and the instrument reaches the area of 1.0589 (21 SMA) or 1.0620 (3/8 Murray), it could be seen as an opportunity to sell.
Our trading plan for the next few hours is to buy the euro above 1.0537 with targets at 1.0589 and 1.0620. On the other hand, if the euro continues to show signs of exhaustion and as long as it is below 1.0620, it will be seen as an opportunity to sell.
The material has been provided by InstaForex Company – www.instaforex.com
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