EUR/USD Awaits Volatility Ahead of ECB
Diupdate
Based on the EUR/USD chart, the market is preparing for an interesting adjustment as a butterfly pattern has emerged.
Key support levels at 1.09053 and 1.07810 suggest that prices could continue rising toward the strong resistance at 1.10007.
However, this is a sensitive area, and if it fails to break through, a sharp drop back to lower support levels may occur.
Traders should note that the EMA is acting as significant dynamic support, and a breakout below this level could open the door to a deeper decline. The support area near 1.07810 could present attractive buying opportunities if the price recovers from this level.
The ECB's interest rate decision, expected on October 17, could involve a cut of up to 0.50% if the Eurozone's economic data weakens. This is attracting significant attention from EUR/USD traders, as it could trigger considerable market volatility.
Key support levels at 1.09053 and 1.07810 suggest that prices could continue rising toward the strong resistance at 1.10007.
However, this is a sensitive area, and if it fails to break through, a sharp drop back to lower support levels may occur.
Traders should note that the EMA is acting as significant dynamic support, and a breakout below this level could open the door to a deeper decline. The support area near 1.07810 could present attractive buying opportunities if the price recovers from this level.
The ECB's interest rate decision, expected on October 17, could involve a cut of up to 0.50% if the Eurozone's economic data weakens. This is attracting significant attention from EUR/USD traders, as it could trigger considerable market volatility.
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