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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

EUR/USD tests an important key point

15:39 3 October 2022

Today's session is being marked by an improvement in market sentiment. Risk assets are recovering, while the US dollar retreats.


Daily Time Frame Chart

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On the D1 chart, we can see that the current bullish recovery of the EUR/USD pair continues this Monday. 

Although the price has not tested the lower boundary of the channel, buyers are managing to regain control of the price.



 

EUR/USD, Daily  time frame chart. Source: xStation 5


EUR/USD 1-hour time frame chart. Source: xStation 5 

On the 1-hour chart, we can see that right now the price is testing an important resistance zone in which is marked by the upper limit of the current structure - the pennant. 

In case buyers manage to break above this obstacle, the bullish move could intensify further.

Nevertheless, it is important to note that medium- to long-term market sentiment remains bearish, putting the EUR/USD pair at risk of further declines.



NZD is leading the gains at this moment.

Heatmap. Source: xStation 5

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