FX.co ★ EUR/USD

EURUSD: The EUR/USD exchange rate is displayed in the chart below. The EUR/USD moved back into the downtrend channel and violated the bullish purchase level with consolidation at 1.16054, as the H4 chart illustrates. Positive growth possibilities to resistance levels of 1.17754 and 1.20044 are made possible by the breakout of the bullish level. Once the uptrend is apparent, the decline channel will not continue. If the EUR/USD falls and a bearish sell level is eliminated, there may be a dip to support 1.11384; thus, it is important to get ready. The trading results for the week now show me two possible outcomes. The second is that the euro/dollar pair will continue to strengthen and push the price of the pair to levels of 1.18884-1.19184. From which they will start to move southward, towards the main direction, already with the renewal of annual minimums, after falling to the year's lows from the current level of 1.16054-1.16954. For the past few months, the EUR/USD currency pair has been a strong sell, and the current pattern holds true over longer time periods. The bearish trend does not appear to be changing. Before the support level of 1.15484 can be broken, there must be a chance for those who have started to sell. An opportunity for a superior sell entry is presented by shifting price movements in a positive direction. For a significant shift, the tendency is still too early. Only when the Fed declares a slowdown in rate hikes or gives up on further expansion will there be a significant euro growth trend.

EURUSD: We will examine the EUR/USD price behavior in detail today. The H1 chart is still showing a small gain as of right now. There is still a lot of room for improvement. The price has retreated to 1.15507 if we examine attempts to break through the crucial high (1.16087). I believe the bulls will shortly make another effort to break out of the resistance zone at 1.16097. We will open at -1.16097 in period H1. I believe there is a good chance the instrument will follow the lower resistance and bounce off the support at 1.15063 when the price hits the -1.15507 level. From a short-term trading perspective, I am thinking about purchasing EURUSD. Thanks to positive news regarding the first US jobless claims, the USD index is currently rising. This indicates that buyers are more likely to be drawn to the demand area of 1.14717 or higher by sellers. They will attempt to move the pair's quotations into the 1.13707 range. Regardless of the publication of important events, the dollar continues to strengthen. When the ECB raises interest rates on Thursday, it is hard to predict what will happen to the euro. The US Federal Reserve may hike interest rates at its next meeting on November 2nd, according to some experts, which might have a big effect on the EUR/USD exchange rate. We'll have to wait and see what happens, but I think the market will concentrate on the US Federal Reserve's expected interest rate hike before the ECB's.