16.10.202416:41 Forex Analysis & Reviews: Trading Signals for EUR/USD for October 16-18, 2024: sell below 1.0909 (21 SMA - 2/8 Murray)

Relevance up to 10:00 2024-10-30 UTC--4

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Early in the American session, EUR/USD is trading around 1.0897 within the downtrend channel forming since October 4th, and below the 21 SMA, reaching the key support of 2/8 Murray around 1.0864.

Technically, the euro is under strong bearish pressure. We believe that a technical correction could occur below 1.0909. So, the price could fall towards the bottom of the bearish trend channel or towards 2/8 of Murray located at 1.0864.

Given that the euro has fallen sharply since the publication of the Non-Farm Payrolls at the beginning of the month, we have not seen a technical correction so far. Therefore, we believe that a technical rebound above 1.0864 will be seen as an opportunity to buy.

On the other hand, if the euro breaks the 21 SMA and consolidates above this area, EUR/USD could reach 1.0986 and even 1.1022. Hence, if the instrument rises above 1.0910, it will be seen as a signal to buy.

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