Technical Analysis EUR/USD 07 October

2020-10-07

Today's technical analysis for October 07, the EUR / USD pair is dominated by bullish sentiments to complete the consolidation in the Asian session, at strong support levels 1.17175 - 1.16990, therefore it is advisable to wait for the breakdown of the strong resistance level, which can open the way to the levels 1.17680 - 1.18185 within the London and New York sessions.

Thus, the best opportunities for placing trades can be initiated before or during the London session from 1.17385 where the Fibonacci levels indicate. The MACD histogram is still in the positive zone, but already below its signal line, continues to decline intensively, and thus gives a sell signal. Stochastic Oscillator has come close to the oversold zone and is giving a similar signal. In an alternative scenario, you should wait for the breakdown of the strong support level 1.17070, then the targets of investors will be the levels 1.16670 - 1.16165.

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: 1.17280

Resistance level 1: 1.17385
Resistance level 2: 1.17490
Resistance level 3: 1.17595
Resistance level 4: 1.17700

Support level 1: 1.17175
Support level 2: 1.17070
Support level 3: 1.16965
Support level 4: 1.16860