EURUSD is trending down

2 Okt 2023

In the wider currency market, the euro EURUSD lost 0.07% to $1.0565, after ending the previous quarter with a 3% fall, its worst performance in a year. The Euro fell sharply after breaking the key support level of 1.0580. The currency touched a low of 1.0488 and rebounded from there. Resistance levels for the Euro are at 1.06 and then in the 1.0670-1.0700 zone. If the recent recovery momentum is maintained, the Euro could rebound to the 1.06-1.07 mark. However, the possibility of an increase beyond 1.07 is unlikely. The short-term outlook remains bearish. Therefore, we can expect the Euro to fall to 1.04 next week, or to rise to 1.06-1.07 and then adjust back to 1.04.

EURUSD SELL 1.0568 - 1.0578 🔽🔽

✔️ TP: 1.0530

❌ SL: 1.0600