24.10.202311:09 Forex Analysis & Reviews: Technical Analysis of EUR/USD for October 24, 2023

Technical Market Outlook:

The EUR/USD pair has been seen coming off the local high located at the level of 1.0695 after the ABC corrective pattern had been completed. Moreover, the wave C of the ABC pattern has hit the 100% extension of the wave A, so there is another indication of a possible down trend resumption. The nearest technical support is seen at the level of 1.0640 and the nearest technical resistance is located at the level of 1.0737. The next target for bulls is seen at the level of 1.0737 (swing high from September 20th). The next target for bears is the technical support located at the level of 1.0614 and 1.0595, but in order to do this, they need to break out below the intraday support. If the latter is violated, then the key short-term technical support located at the level of 1.0449 would be exposed for the test.

Weekly Pivot Points:

WR3 - 1.06231

WR2 - 1.06012

WR1 - 1.05872

Weekly Pivot - 1.05793

WS1 - 1.05653

WS2 - 1.05574

WS3 - 1.05355

Trading Outlook:

Since the beginning of October 2022 the EUR/USD is in the corrective cycle to the upside, but the main, long-term trend remains bearish. This corrective cycle was terminated at the level of 1.1286 which is 61% Fibonacci retracement level and the market reversed lower. The intermediate down move is 16 weeks long now and there is no indication if the down move termination yet. There is still a room to the downside on the RSI indication on the weekly time frame as well.