EURUSD Price Analysis – October 11
The EURUSD pair is under siege from sellers, dragging prices back to the mid-1.1500s at the start of the week. The recovery of the dollar’s buying sentiment, combined with higher US rates across the curve, encourages the US Dollar Index’s price action to shift to the upside.
Key Levels
Resistance Levels: 1.1850, 1.1750, 1.1640
Support Levels: 1.1529, 1.1422, 1.1250
EURUSD Long term Trend: Bearish
Daily, the EURUSD appears fragile, and consolidation below 1.1529 could set the stage for more losses. Deviation from levels over 1.1650, which marks the upper limit of a broad range, may pick up speed. The 1.1422 level could be approached if the daily exit is below the horizontal support level of 1.1529.
Following the drop, the EURUSD will encounter resistance in the 1.1640 price range, where it reached intraday highs in early October. If the pair continues to rise over the indicated resistance level, it will be exposed to the daily moving average 13 at 1.1623 and horizontal barrier at 1.1640.
EURUSD Short term Trend: Bearish
The EURUSD is still trading in a range below 1.1600, and the intraday sentiment is within the usual range. The breakout of the 1.1750 level, on the other hand, may validate the scenario in which the consolidation from the 1.1908 level concluded at the 1.1529 level.
Further gains might lead to a retest of 1.1640 and a break of the 1.1908 high. A break of the 1.1529 support level, on the other hand, will catalyze the downtrend and lead to another round of drop. EURUSD is now trading lower in the short term, with 1.1500 expected to provide immediate support for further losses.
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