FX.co ★ EUR/USD Technical Analysis and Trading Tips for October 10, 2022

Generally, EUR/USD continues to move downwards. The pair remains in the bear market zone, both long-term—below resistance levels 1.1130 (144 EMA on the weekly chart), 1.1230 (200 EMA on the weekly chart), 1.0510 (200 EMA on the daily chart), and short-term—below resistance levels 0.9810 (200 EMA on the 1-hour chart), 0.9905 (200 EMA on the 4-hour chart).

If the dollar is under pressure this week (in the case of the dovish rhetoric of the text of the minutes of the September meeting of the Fed and in the case of disappointing inflation data in the United State), then the EUR /USD may have a chance to recover a little after the strongest fall on fixing part of long positions in USD. In this case, a corrective growth to the resistance levels of 0.9905, 0.9970 (50 EMA on the daily chart) is likely. Their breakdown will be a signal for the implementation of an alternative scenario, which implies a stronger corrective growth of EUR/USD with the target at 1.0335 and 1.0510 resistance levels.

In the main scenario, we expect further decline. The nearest target is the local low and support level at 0.9535. Then further towards the marks 0.8700, 0.8600.

Support levels: 0.9700, 0.9600, 0.9535, 0.9500, 0.9400, 0.9300, 0.9200, 0.9000

Resistance levels: 0.9800, 0.9810, 0.9900, 0.9970, 1.0195, 1.0335, 1.0510

Trading Tips

Sell Stop 0.9675. Stop-Loss 0.9775. Take-Profit 0.9600, 0.9535, 0.9500, 0.9400, 0.9300, 0.9200, 0.9000

Buy Stop 0.9775. Stop-Loss 0.9675. Take-Profit 0.9800, 0.9810, 0.9900, 0.9970, 1.0195, 1.0335, 1.0510