Technical Analysis: EURUSD (03.10.2022)

11:12 AM October 3, 2022

One could observe a dollar correction in the second half of last week, which led to a rebound of the EURUSD pair. From the technical point of view, the main currency pair is trying to move higher on Monday as part of an upward correction. However, looking at the longer time frame - D1, the main trend remains downward. It seems that only a break above the parity level (1.0000) could lead to a sentiment shift. In this case the pair could move towards 1.0360 (although this is not the base scenario at the moment). Earlier buyers will need to deal with resistance at 0.9840, where last week's highs are located and a resistance at 0.9900 which are marked with earlier price reactions. At the moment, the upward movement is symbolic - compared to the scale of the entire downtrend that has been going on for over a year. If current sentiment prevails, a move towards the lower limit of the descending channel is possible.

EURUSD interval D1. Source: xStation5

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