FX.co - EUR/USD analysis for October 17, 2023 - Key resistance level at 1.0560 on the test

2023-10-17T08:21:44

Relevance until2023-10-18

Technical analysis:

EUR/USD analysis for October 17, 2023 - Key resistance level at 1.0560 on the test

EUR/USD has been trading sideways at the price of 1.0550 and I see potential for the rejection or the breakout of the key resistance at 1.0560.

In case of the breakout of resistance at 1.0560, I see potential for the further rally towards upside references at 1.0585 and 1.0610

In case of the rejection of the resistance at 1.0560, there is the chance for the downside movement towards lower reference at 1.0500

RSI oscillator is showing the market is in the upside regime on the hourly time-horizon,

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ EUR/USD analysis for October 17, 2023 - Key resistance level at 1.0560 on the test