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Daily Technical Analysis Research – Global Markets (EURUSD)

By Matthew Hayward

October 3, 2024

3 min read

EURO VS DOLLAR (EUR/USD):

EUR/USD has been an interesting pair to follow in recent weeks. In an article I wrote earlier this month, I suggested that the price might reject the key psychological level around 1.12000, which aligned well with previous resistance. Currently, the pair appears to be trading near the daily 50 EMA, attempting to hold support. However, I anticipate there could be further downside momentum before it starts trending higher again.

Daily Technical Analysis Research - Global Markets (EURUSD) - Screenshot 2024 10 03 at 14.57.27 1024x617

Looking more closely at the technical details, you can see a well-defined ascending trendline that we might trade into. However, I’d first like to see if we can hold the internal support region around 1.1000. At the moment, the RSI indicator shows no signs of the price being oversold, so there could be further downside momentum before we potentially trend higher again.

Daily Technical Analysis Research - Global Markets (EURUSD) - Screenshot 2024 10 03 at 14.58.30 1024x621

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Author

Matthew Hayward

Matthew is a well-experienced Market Analyst with a key focus on both Fundamental and Technical Analysis. He has experience in covering various market topics including Cryptocurrency, Foreign Exchange, Indices, and Commodities. He looks to provide we...

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