Technical Analysis EUR/USD 06 October

2020-10-06

Today's technical analysis for 06 October, the EUR / USD pair is dominated by bearish sentiments to complete the consolidation in the Asian session, at strong resistance levels 1.18015 - 1.18330, therefore it is advisable to wait for the breakdown of the strong support level, which can open the way to the levels 1.17510 - 1.17005 within the London and New York sessions.

Thus, the best trading opportunities can be triggered before or during the London session from 1.17805 where the Fibonacci levels indicate. The MACD histogram is still in the positive zone and is already above its signal line, continues to grow rapidly and thus gives a buy signal. Stochastic Oscillator is in the overbought zone and is not giving clear signals at the moment. In an alternative scenario, you should wait for the breakdown of the strong resistance level 1.18120, then the targets of investors will be the levels 1.18520 - 1.19025.

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

Price at the moment: 1.17910

Resistance level 1: 1.18015
Resistance level 2: 1.18120
Resistance level 3: 1.18225
Resistance level 4: 1.18330

Support level 1: 1.17805
Support level 2: 1.17700
Support level 3: 1.17595
Support level 4: 1.17490