02.10.202414:43 Forex Analysis & Reviews: Trading Signals for EUR/USD for October 2-5, 2024: buy above 1.1050 (200 EMA - 5/8 Murray)

Relevance up to 08:00 2024-10-16 UTC--4

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Early in the American session, the euro (EUR/USD) is trading around 1.1071, above 5/8 Murray, and below the 21 SMA and the 200 EMA, under bearish pressure but showing oversold signs.

The euro could be affected by the US data in the coming hours and we could look for opportunities to buy above 1.1050 in case of a pullback. Besides, if the EUR/USD pair consolidates above 1.1084 (200 EMA), we could expect it to reach 6/8 Murray at 1.1108 and finally, the 21 SMA at about 1.1125.

A pullback towards the 61.8% level which coincides with 1.1149 could be seen as an opportunity to resume selling in the short term.

Since the eagle indicator is showing oversold signals, we will look for opportunities to buy above 1.1050 with the target at 1.1149. In turn, if the euro finds strong rejection around this price, it will be seen as an opportunity to sell with the target at 1.1000.

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