Euro-dollar’s decline in October has been extremely strong for a major forex pair. Only the 100 SMA has offered significant support so far. However, the price is now extremely strongly oversold, so it’s somewhat questionable based on the chart whether these strong losses will continue without a pause.
The area around $1.08 could be a noteworthy support since this was the source of August’s uptrend. Below this, the 100% monthly Fibonacci retracement around $1.07 could resist testing unless accompanied by a strong fundamental driver.
With no top-tier economic data due until GDP on 30 October, consolidation rather than continuation seems possible, but traders need to monitor news and polling for the upcoming American elections.
These opinions are personal to the writer; they do not reflect those of Exness.
The area around $1.08 could be a noteworthy support since this was the source of August’s uptrend. Below this, the 100% monthly Fibonacci retracement around $1.07 could resist testing unless accompanied by a strong fundamental driver.
With no top-tier economic data due until GDP on 30 October, consolidation rather than continuation seems possible, but traders need to monitor news and polling for the upcoming American elections.
These opinions are personal to the writer; they do not reflect those of Exness.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.