FX.co ★ Trading Signals for EUR/USD for October 30-31, 2024: buy above 1.0800 (21 SMA - 1/8 Murraty)

Early in the American session, the EUR/USD pair is trading around 1.0810. After the news from the United States, it is retreating, but we see that there is a strong support around 1.0803 and around 1.089. This area could serve as a good point for a technical bounce.

On the H4 chart, we can see that the euro broke this channel sharply on October 23. After a rebound above the top of this bearish trend channel, the bullish movement for the next few days was confirmed.

As the euro could rally in the coming days, we will look for opportunities to buy above 1.0800 with the first target at 1.0927. The instrument could even reach the psychological level of 1.10 around 4/8 Murray.

On the other hand, if the euro falls below 1/8 of Murray at 1.0803, it will be seen as a signal to sell with the target at 0/8 of Murray at 1.0742.

The eagle indicator is in the overbought territory. However, we believe that EUR/USD could continue its rise as the outlook is bullish.