empty
 
 
05.10.2022 03:03 PM
EURUSD technical analysis for October 5th, 2022.

This image is no longer relevant

Red lines- bearish channel

Blue lines- Fibonacci retracement levels

EURUSD is trading around 0.9920. Short-term trend is bullish as price is making higher highs and higher lows since the 0.95 lows. Price remains inside the medium-term bearish channel and has already retraced 61.8% of the last decline from 1.0198. At the 61.8% Fibonacci level we usually see trend reversals. EURUSD is turning lower from the 61.8% retracement and the RSI is also turning lower from overbought levels. It is too soon to tell if the entire bounce is over and the down trend resumes. The upper channel boundary is higher and technically we can still reach it without hurting the medium-term bearish trend. Nevertheless we need to keep a close eye at the 61.8% Fibonacci level we are currently in because there are increased chances of a reversal here.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback