FX.co ★ Technical analysis on EURUSD for October 23rd, 2023.

Red lines- bearish channel

Black line- support trend line

Green lines- Fibonacci extension targets

EURUSD is trading around 1.0610. Price has broken above the downward sloping channel providing a sign of strength. Price continues making higher highs and higher lows after the recent low at 1.0496. EURUSD continues to respect the black upward sloping support trend line. EURUSD has the potential to make another leg higher towards 1.0689 where we find the 100% Fibonacci extension target. Short-term support is found at 1.0544 and as long as we trade above this level, bulls have the upper hand in the near term.