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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