EURUSD Turns Lower Beneath 1.1800 Level Despite Bullish Signal

EURUSD Price Analysis – October 8

EURUSD traverses without proper direction around the 1.1750/60 area in the second half of the week. Despite buying pressure, the popular European currency has dropped underneath the 1.1800 marks. Washington’s adverse headlines and fears about Europe’s coronavirus could drive the pair down.

Key Levels
Resistance Levels: 1.2011, 1.1917, 1.1807
Support Levels: 1.1709, 1.1685, 1.1495
EURUSD Long term Trend: Ranging
The price movement around EURUSD remains ineffective for now, remaining capped at 1.1800. The outlook for the pair is still constructive and bearish moves are seen as corrective only. The pair is currently losing 0.06% at 1.1753 and immediately faces competition at 1.1709, followed by 1.1612 and finally 1.1495.

On the other hand, a break above 1.1807 would target 1.1917 on its way to 1.1965. In a broader context, the rise from 1.0635 is seen as the third phase of the pattern from 1.0339. A further rally should be seen towards the cluster resistance at 1.2555. This will remain a preferable case as long as the 1.1422 resistance turned into support is held.
EURUSD Short term Trend: Ranging
EURUSD is falling slightly today but remains above minor support level 1.1685, intraday bias remains neutral for now. Another increase is still in favor. The upside breakout of 1.1807 will resume the rebound from 1.1612 to retest the 1.2011 high.

On the other hand, a break of 1.1685 is likely to resume the correction from 1.2011 to 38.2% retracement of 1.0635 to 1.2011 at 1.1495. EURUSD hit a weekly bottom at 1.1612 and is trading at 1.1753 over the weekend.

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