Technical Analysis EUR/USD 02 October

2020-10-02

Today's technical analysis is for October 02, the EUR / USD pair is dominated by bearish sentiments to complete the consolidation in the Asian session, at strong resistance levels 1.17295 - 1.17660, therefore, it is advisable to wait for the breakdown of the strong support level, which can open the way to the levels 1.16890 - 1.16385 within the London and New York sessions.

Thus, the best trading opportunities can be triggered before or during the London session from 1.17085 where the Fibonacci levels are pointing. The MACD histogram is still in the positive zone, but crossed with its signal line and is not giving clear signals at the moment. Stochastic Oscillator is in the neutral zone and is giving a sell signal. In an alternative scenario, you should wait for the breakdown of the strong resistance level of 1.17450, then the targets of investors will be the levels 1.18000 - 1.18505.

As such, today's expected important economic news in particular could lead to significant volatility in key pairs, which could stimulate significant swing movement during the London and New York sessions. This enables investors to take advantage of Buy / Sell trades from low / high levels throughout the day.

EUR / USD analysis

Current price: 1.17190

Resistance level 1: 1.17295
Resistance level 2: 1.17450
Resistance level 3: 1.17555
Resistance level 4: 1.17660

Support level 1: 1.17085
Support level 2: 1.16980
Support level 3: 1.16875
Support level 4: 1.16770