Euro-dollar didn’t react strongly to the latest inflation data from the USA, but this is partially a result of the technical situation and monetary policy in the eurozone. The European Central Bank is likely to cut its benchmark rate to 3.4% on Thursday 11 October.
10 October’s tail isn’t necessarily a rejection of $1.09; it might just be a pause. EURUSD is quite strongly oversold after having retreated with high momentum so far in October from $1.12. It’d be pretty normal to see a consolidation or maybe a small bounce first if the price were to continue lower.
The first important dynamic support is the 200 SMA around $1.088 and below this the strong static support will probably be the 100% monthly Fibonacci retracement around $1.07. $1.10 is likely to be the main resistance for the next few days and possibly longer unless there’s a strong fundamental driver.
The opinions here are personal to the writer; they do not reflect those of Exness or Trading View.
10 October’s tail isn’t necessarily a rejection of $1.09; it might just be a pause. EURUSD is quite strongly oversold after having retreated with high momentum so far in October from $1.12. It’d be pretty normal to see a consolidation or maybe a small bounce first if the price were to continue lower.
The first important dynamic support is the 200 SMA around $1.088 and below this the strong static support will probably be the 100% monthly Fibonacci retracement around $1.07. $1.10 is likely to be the main resistance for the next few days and possibly longer unless there’s a strong fundamental driver.
The opinions here are personal to the writer; they do not reflect those of Exness or Trading View.
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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.