The trend of EUR/USD pair movement was controversial as it took place in the downtrend channel. Due to the previous events, the price is still set between the levels of 0.9673 and 0.9798, so it is recommended to be careful while making deals in these levels because the prices of 0.9798 and 0.9673 are representing the resistance and support respectively. Therefore, it is necessary to wait till the downtrend channel is passed through. Then the market will probably show the signs of a bearish market. The EUR/USD pair hit the weekly pivot point and resistance 1, because of the series of relatively equal highs and equal lows. But the pair has dropped down in order to bottom at the point of 0.9673. Hence, the major support was already set at the level of 0.9635. Moreover, the double bottom is also coinciding with the major support this week. Additionally, the RSI (The Relative Strength Index) is still calling for a strong bullish market as well as the current price is also above the moving average 100. The EUR/USD pair has faced strong resistances at the levels of 0.9798 because support had become resistance last week. So, the strong resistance has been already formed at the level of 0.9798 and the pair is likely to try to approach it in order to test it again. However, if the pair fails to pass through the level of 0.9798, the market will indicate a bearish opportunity below the new strong resistance level of 0.9798 (the level of 0.9768 coincides with a ratio of 50% Fibonacci). Additionally, the price is in a bearish channel now. Amid the previous events, the pair is still in a downtrend. From this point, the EUR/USD pair is continuing in a bearish trend from the new resistance of 0.9798. Thereupon, the price spot of 0.9798/0.9800 remains a significant resistance zone. Therefore, a possibility that the EUR/USD pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In other words, sell deals are recommended below the price of 0.9768 with the first target at the level of 0.9673. From this point, the pair is likely to begin a descending movement to the price of 0.9637 with a view to test the daily support at 0.9600. On the other hand, if the EUR/USD pair fails to break through the support level of 0.9673 today, the market will rise further to 0.9798. The pair is expected to climb higher towards at least 0.9875 with a view to test the weekly support 2. Also, it should be noted that the weekly support 2 will act as major resistance today.
At the same week : it should be noticed that 1 Euro equals 0.9764 (up +110 | -1.35%). Yesterday, the EUR/USD pair reached the top at 0.9750, then the trend couldn't be rebounded from the price of 0.9750 to close at 0.9764. The EUR/USD pair rallied to the 100-week moving average on October 11, a level that could act as a battleground between the bulls and the bears. Several analysts are watching this level because a break and close above it could be the first sign that the bear market may be ending on the hourly chart. However, the near-term outlook remains bullish for the greenback from the major area of 0.9700 - 0.9764. On the local time frame, the EUR/USD pair is trading between the support level at 0.9673 formed by the true breakout and the resistance at 0.9763. Daily range between the price of 0.9700 and 0.9837. Therefore, at the moment the price is near the upper level, which means that one can expect the test of the 0.9798 mark soon in order to re-reach the double top again. We should expect an attempt to develop a rise in the price of Euro against the US Dollar and a test of the support area near the level of 0.9700. Where can we expect a rebound up again and a continuation of the climb in the quotes of the EUR/USD pair. The pair stayed above the psychological level of 0.9700 over the weekend, indicating a lack of urgency to accumulate at the current levels. The bulls are attempting to extend the pair's rise above 0.9700 in the week beginning 10 October 2022. After finding bids reach to 0.9700, the EUR/USD pair recovered above 0.9700. Initial the trend support lies near the 0.9750 level (23.6% of Fibonacci retracement levels). A decent breakout and follow-up move above 0.9750 could open the gate for a push towards the 0.9798 level. The main resistance remains near the zone of 0.9798 - 0.9837. Also it should be noted that the EUR/USD pair and currencies unite as the bears lose their momentum. The market is indicating a bullish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside. An uptrend will start as soon, as the market rises above resistance level 0.9798, which will be followed by moving up to resistance level 0.9837. Further close above the high end may cause a rally towards 0.9875.
