Forex Trading: EURUSD Technical Analysis – October 04, 2019

The Euro (EUR) is continuing to moving upside against the US Dollar (USD) on Friday, this caused an increase in the price of EURUSD, bringing it to more than 1.0000. The price of the pair increased after major economic news released. Considering the price movement of the pair over the past few days, it is anticipated that the technical bias may remain bearish because the pair’s price marked a higher low in the recent upside move.

EUR/USD Technical Analysis

Currently, the pair is being traded around 1.0970, Talking about the upside, resistance can be seen around 1.1003, the immediate key horizontal resistance  ahead of 1.1081, the 38.2% Fib level and then comes 1.1207, the horizontal resistance as shown in the given below chart

EURUSD 04 oct 2019

Support can be seen around 1.0928, the trendline support level ahead of 1.0900, the psychological number and then 1.0878, the major horizontal support which is likely to prevent the price from decreasing further as demonstrated in the given above chart.  The technical bias may remain bearish as long as 1.1003, the major horizontal resistance level remains intact.

USD Average Hourly Earning News

In the United States, the figure concerning the labor’s earning on an average rate per hour remained same in this month 3.2%  beating with the economist expectation. The data is sourced from the news released by the Department of Labor, United States.

The Average Hourly Earning discharged by the US Department of Labor is a critical marker of work cost expansion. The Federal Reserve Board gives close consideration for setting loan costs. A high perusing is additionally positive for the USD, while a low perusing is negative.

Trade Idea

Considering the overall price behavior of the pair over the last couple of days, buying the EURUSD around current levels can be a good decision in the short to medium term.

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