EURUSD Price Analysis – October 4
Following last week’s severe decline to lows at 1.1562, the pair rallies for the second straight session and reclaims the moving average 5 areas near 1.1640. The single currency returns towards its upside zone and brings the EURUSD pair back above the 1.1600 area at the start of the week. The present recovery in the pair is aided by the offered note in the greenback, with sustained rates in the US bond market also contributing to USD selling pressure.
Key Levels
Resistance Levels: 1.1750, 1.1704, 1.1640
Support Levels: 1.1562, 1.1460, 1.1150
EURUSD Long term Trend: Bearish
Thinking long term, the rebound perspective on EURUSD is expected to remain constant as long as the pair trades above the horizontal level at 1.1602 today. At 1.1640, the EURUSD is seeking to push towards the horizontal resistance level at 1.1663. The RSI indicator has just bounced from the oversold, signaling a further rise.
The EURUSD maintains its bullish tendency as it jumps for yet another session, pushing the pair beyond the 1.1600 mark to a fresh weekly start. The rally may continue to the next level of cluster resistance at 1.1750. It may continue to be the preferable scenario as long as the support level remains intact at 1.1562.
EURUSD Short term Trend: Bearish
The break of the minor resistance level of 1.1640 by the EURUSD may undermine the initial gloomy outlook and implies that the recovery from the level of 1.1562 is still ongoing. Intraday bias is now on the upswing towards the 1.1663 level. The breach could pave the way for a re-test of the 1.1908 level in the 4-hour time frame.
On the downside, the decline from 1.1908 to 1.1562 at 1.1622 should be extended below the 1.1602 barriers. The breakthrough of the 1.1640 level, on the other hand, will be the first evidence that the correction from the 1.1908 level has concluded. The intraday bias will attempt to ascend to 1.1663 for validation once more.
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