Technical analysis

04 October 2021

11:58 EUR/USD is trading near July lows

On Friday, the EUR/USD was trading higher and closed the day in positive territory around the $1.1895. Today it was trading in a narrow range of $1.1590-15, staying close to the July lows. On the hourly chart, EUR/USD is still trading below the moving average MA (200) H1 ($1.1670). The situation is similar on the four-hour chart. Based on the foregoing, it is probably worth sticking to the south direction in trading and while the EUR/USD remains below MA 200 H1, it may be necessary to look for entry points to sell on the formation of a correction.

  • Resistances levels are at: $1.1615, $1.1670, $1.1700

  • Support levels are at: $1.1565, $1.1540, $1.1505

Probably, the main scenario is a continuation of the decline to $1.1565 (Sep 30 low). An alternative scenario is a final consolidation above the MA 200 H1, followed by a rise to $1.1850 (Sep 10 high).

04 October 2021, 12:24

GBP/USD remains below MA 200 H1

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