EURUSD Edges Higher With Positive Gains Around 1.1830/40 Levels Ahead of ECB’s Meeting

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Azeez Mustapha

Updated: 13 October 2022

EURUSD Price Analysis – September 10

The Euro progresses higher in trading early Thursday, following positive gains around the 1.1830/40 levels hurting pessimistic sentiment in the near term. EURUSD has improved as investors expect the European Central Bank (ECB) to send out a message of confidence.

Key Levels
Resistance Levels: 1.2011, 1.1965, 1.1916
Support Levels: 1.1750, 1.1685, 1.1606
EURUSD Long term Trend: Bullish
Technically, as observed in the daily chart, EURUSD Spot is holding steady at a level of 1.1835 and has undergone bearish divergence in prices giving higher highs while the RSI indicator gives lower highs, thus further potentially supporting bearishness.

Initial support is at 1.1750 level around which access to 1.1685-1.1422 levels may be open. If it stays under this mark then the next support is at level 1.1422. On the upside, an initial resistance is at level 1.1916, and then at levels 1.1980-1.2011.
EURUSD Short term Trend: Ranging
Intraday bias in EURUSD stays initially neutral. On the downside, a decisive breach of 1.1750 level may indicate short-term topping at 1.2011 level, in 4 hour RSI range condition. The intraday bias is shifted downside for the ascending trendline support (from level 1.1685).

There may be a prolonged break indicating that the fall may correct the entire increase from 1.0635 to 1.1495 levels and aim 1.0635 to 1.2011 levels. That being said, the rebound from the present level, accompanied by a resistance level of 1.2011, may also restart the increase from 1.0635 level.

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