EURUSD Gains Toward 1.1640, Dollar Pressured Following Steady Yields


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.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.