EURUSD upwards momentum seems to fade as bulls face stiff resistance around the current market level. The intraday resistance levels at 0.9857 and 0.9915. The near-term support areas are at 0.9738 and 0.9677. Bulls have been unable to breach above the psychological level of 0.99000, which may translate into another drop in the coming days.
EUR/USD Technical Outlook
The Stochastic indicator is overbought at this time. The RSI (Relative Strength Index and Bollinger Bands (BB) are neutral. The ATR (Average True Range) indicates low volatility, while the MACD (Moving Average Convergence Divergence) is below the zero line. The current price keeps below the 20, 50, and 100 period moving averages, indicating stiff resistance areas ahead.
|
Stochastic |
Bollinger Bands |
ATR |
MACD |
RSI |
|
Over Bought (88) |
Neutral (0.9796) |
0.0118 (Volatility Down) |
Below Zero (-0.0076) |
44 (Neutral) |
Moving average indicators helps to understand the price direction and support and resistance areas. There are different moving averages, such as Simple and Exponential. The difference between these types is the sensitivity to the recent price action. The Exponential is more sensitive to the recent price action, while the Simple moving averages give equal weightage to all the prices.
EUR/USD Support and Resistance levels – Short-Term
|
S 1 |
S 2 |
S 3 |
R 1 |
R 2 |
R 3 |
|
0.9738 |
0.9677 |
0.9619 |
0.9857 |
0.9915 |
0.9976 |
Support and resistance indicate the potential levels from where the market can move in the opposite direction. For instance, if the EURUSD pair rises, a possible resistance area may cause the price to drop.
Related Article: Gold (XAUUSD) Daily Forecast and Trading Idea
Pivot Points
|
1 hour |
4 hours |
Daily |
Weekly |
Monthly |
|
0.9815 |
0.9799 |
0.9796 |
0.9730 |
0.9844 |
EUR/USD Trading Ranges
EUR/USD Daily Trading Range: 0.9784 – 0.9834
EURUSD Weekly Trading Range: 0.9784 – 0.9834
EURUSD Monthly Trading Range: 0.9784 – 0.9834
EUR/USD Yearly Trading Range: 0.9536 – 1.1495
EUR/USD Trading Idea – 3-OCT-2022
Despite last week’s recovery, the pair seems to have stiff resistance areas near the current market price, which may cause the price to decline. The pair is ideal for intraday selling entries using the following levels.
Signal Direction: Sell
Signal Timeframe: Daily
Entry: 0.9877
Stop-loss: 0.9980
Take Profit: 0.9648
Related Article: EURGBP Daily Forecast and Short-term Trading Idea
EUR/USD Upcoming Levels to Monitor
The 0.9788 is a stiff resistance area, and bulls need to reach this level to regain control. On the downside, 0.9720 is a significant intraday support level, and a breach below this level will further weaken the bulls.
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