Trading Signals for EUR/USD on October 5-6, 2023: buy above 1.0500 (21 SMA – 2/8 Murray)
October 5, 2023 4:24 pm
Early in the American session, EUR/USD is trading around 1.0521 within the downtrend channel formed since September 15, above the 2/8 Murray, and above the 21 SMA.
On the H4 chart, we can see that the euro is consolidating above the psychological level of 1.05 which could serve as a clear signal to buy in the coming hours.
A sharp break above 1.0530 will mean the break of the bearish channel. Then, we could expect an upward move to occur towards 3/8 Murray at 1.0585 and up to the 200 at 1.0680.
The daily pivot point is located around 1.0496 which adds to the possibility that the instrument will continue to rise in the coming days. So, EUR/USD could reach the weekly pivot point located at 1.0568 and could even reach the first weekly resistance at 1.0649.
The Non-Farm Payrolls (NFPs) data to be published tomorrow could be decisive for the future of the Euro. If the data is positive for the dollar, the euro could continue rising since it has already been discounted by the market. Therefore, whatever the data comes out, the key will be to buy the euro.
Our trading plan for the next few hours is to buy above 1.05 with targets at 1.0570 and 1.0620. The eagle indicator is showing a positive signal which supports our bullish strategy.
The material has been provided by InstaForex Company – www.instaforex.com
Early in the American session, EUR/USD is trading around 1.0521 within the downtrend channel formed since September 15, above the 2/8 Murray, and above the 21 SMA.
On the H4 chart, we can see that the euro is consolidating above the psychological level of 1.05 which could serve as a clear signal to buy in the coming hours.
A sharp break above 1.0530 will mean the break of the bearish channel. Then, we could expect an upward move to occur towards 3/8 Murray at 1.0585 and up to the 200 at 1.0680.
The daily pivot point is located around 1.0496 which adds to the possibility that the instrument will continue to rise in the coming days. So, EUR/USD could reach the weekly pivot point located at 1.0568 and could even reach the first weekly resistance at 1.0649.
The Non-Farm Payrolls (NFPs) data to be published tomorrow could be decisive for the future of the Euro. If the data is positive for the dollar, the euro could continue rising since it has already been discounted by the market. Therefore, whatever the data comes out, the key will be to buy the euro.
Our trading plan for the next few hours is to buy above 1.05 with targets at 1.0570 and 1.0620. The eagle indicator is showing a positive signal which supports our bullish strategy.
The material has been provided by InstaForex Company – www.instaforex.com
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