EURUSD Daily Technical Analysis - October 16

EURUSD has experienced a notable correction throughout October, yet it remains within a bullish trend, forming a wedge pattern. Analyzing the daily timeframe reveals several key levels that are crucial to watch in the upcoming days.

Currently, EURUSD is testing the .618 Fibonacci support level at 1.0876, with the latest candle forming a Doji. This suggests a weakening bearish momentum and raises the possibility that this support level could hold, potentially paving the way for a bullish reversal in the weeks ahead.

Should this Fibonacci support fail to halt the correction, further bearish movement may continue towards the secondary support at 1.0797, before resuming a bullish trend with a target of 1.1243—approximately 3663 pips from the current level.

Keep an eye on these levels as they may provide significant opportunities in the near term