EURUSD Garners Upside Traction Near the 1.1770 Region As Coronavirus, US Stimulus Bill Stay in Focus


EURUSD Price Analysis – October 1

EURUSD buying interest picks up traction near the 1.1770 region-or multi-day highs as the pair progresses on high expectations for a US fiscal agreement. The pair may be haunted by a possible deadlock in negotiations, fears of a disputed election, and growing US coronavirus infections.

Key Levels
Resistance Levels: 1.2011, 1.1900, 1.1770
Support Levels: 1.1612, 1.1495, 1.1350
EURUSD Long term Trend: Ranging
On Thursday, the Euro gathered traction after bulls halted at 1.1757 level on the prior day. A firm breach beyond 1.1800 will lay the groundwork for a stronger recovery and neutralize the current downside risk on poor daily momentum. To enable a more sustainable recovery, additional gains now need to exceed this area coupled with the immediate resistance line at level 1.1770.

In the larger sense, rising from the level of 1.0635 is seen as the third phase of the trend from the level of 1.0339 (low). A more rally increase can be seen at the next threshold of 1.2011 to cluster resistance (38.2 percent retracement from 1.6039 to 1.0339 at 1.2516 levels). It might stay the ideal case as long as the level of support transformed to 1.1422 resistance stays.
EURUSD Short term trend: Ranging
Intraday bias in EURUSD holds firm with an emphasis on 1.1770 support turned resistance level. The decisive split there will contend that corrective pullback has finished. For the 1.2011 level re-test, intraday bias will be shifted around to the upside. On the downside, the 1.1612 level breach might instead extend the fall from the 1.2011 short-term top-level to 38.2 percent retracement from 1.0635 to 1.2011 at 1.1495 level.

The euro/dollar gains from upside momentum and has preserved its movement above the 5 and 13 moving average. The Relative Strength Index, however, is approaching 70, nearer to conditions of overbought. Support is at the level of 1.1737, a support line from last week, followed by a level of 1.1685, a swing low reported on Wednesday. The next lines to watch are the levels of 1.1625 and 1.1612.

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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.