FX.co ★ Technical analysis on EURUSD for October 9th, 2023.

Red lines- bearish channel

Yellow rectangle- expected bottom area

EURUSD is trading around 1.0540 under pressure today. After three positive trading sessions and a bounce from 1.0449 to 1.06, EURUSD starts the week under pressure. EURUSD remains inside the red downward sloping channel. Resistance is found at 1.0630. Bulls need to recapture this price level in order to increase chances of a bigger trend reversal. Price has so far bottomed at the yellow rectangle area we expected to see a major bottom. For our reversal scenario to come true, we need to see price break above the red channel. Until then, EURUSD remains vulnerable to the downside.