EURUSD Suggests a Bearish-to-Bullish Trend Change Towards 1.1770 Level

EURUSD Suggests a Bearish-to-Bullish Trend Change Towards 1.1770 Level

EURUSD Price Analysis – October 5

EURUSD is holding at 1.1707, suggesting a reversal of the bearish trend towards the 1.1770 level. Eurozone investor confidence improved more-than-expected in September, according to the latest data released by the research group Sentix on Monday.

Key Levels
Resistance Levels: 1.2011, 1.1900, 1.1770
Support Levels: 1.1685, 1.1495, 1.1350EURUSD Long term Trend: Bullish
From a technical point of view, the market may have some upside potential. Note that the exchange rate may face resistance from the horizontal barrier and weekly resistance at 1.1770 level.

If this resistance persists, the course is likely to turn south. In this case, the pair may retest the lower channel line located in the 1.1685/1.1737 area. However, the bulls are holding firm this morning to get out of the market on a knife-edge.
EURUSD Short term Trend: Ranging
The intraday sentiment of EURUSD remains neutral at the moment. On the other hand, the breakout of the 1.1612 level will continue to fall from the 1.2011 level. The intraday bias would be reversed for the 38.2% retracement from 1.0635 to 1.2011 at 1.1485 levels to correct all gains from 1.0635 levels.

Although, on the other hand, a breakout of the 1.1769 level will signal the completion of the correction. The intraday bias would be reversed if the 1.2011 high is retested instead. Moving averages 5 and 13 are bullish.

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

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.