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Aayush Jindal

Key Highlights

  • EUR/USD is attempting a recovery wave above the 1.0550 resistance.
  • A key contracting triangle is forming with resistance near 1.0600 on the 4-hour chart.
  • Gold prices are correcting gains after rising toward $2,000.
  • Bitcoin price started a steady increase and cleared the $30,000 resistance.

EUR/USD Technical Analysis

The Euro managed to stay above the 1.0450 level against the US dollar. EUR/USD started a short-term recovery wave and climbed above 1.0520.

Looking at the 4-hour chart, the pair managed to surpass the 1.0550 resistance zone and the 100 simple moving average (red, 4 hours). However, the pair is now struggling to rise above the 1.0600 resistance and the 200 simple moving average (green, 4 hours).

There is also a key contracting triangle forming with resistance near 1.0600 on the same chart. If there is a move above the triangle resistance, the pair could rise toward 1.0640 resistance.

A close above the 1.0640 level is needed to start a steady increase. The next key resistance is near 1.0700, above which the pair could rise toward the 1.0780 level.

If there is a fresh decline, the pair might find bids near 1.0565. The next key support is seen near the 1.0550 level, below which it could test 1.0500. Any more losses might send the pair toward the 1.0450 level.

Looking at bitcoin, there was a steady increase, and the bulls were able to pump the price above the $29,200 and $30,000 resistance levels.

Economic Releases

  • Euro Zone Consumer Confidence for Oct 2023 (Preliminary) – Forecast -18.2, versus -17.8 previous.