22.10.202417:26 Forex Analysis & Reviews: Trading Signals for EUR/USD for October 22-25, 2024: buy if rebounds at 1.0800 (21 SMA - 1/8 Murray)

Relevance up to 10:00 UTC--5

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Early in the American session, the euro is trading around 1.0816 under strong bearish pressure, below 1.0840 (21 SMA), and within the bearish trend channel forming since September 30.

The Euro is facing a key zone that coincides with 1/8 Murray. This is why we believe that this level could offer a technical rebound since we've found a double bottom pattern. Therefore, we will look for opportunities to buy in case EUR/USD consolidates above 1.0800.

If the bearish force prevails, EUR/USD is expected to continue its decline and could reach 0/8 Murray around 1.0742. This level could be a decisive point for the euro since we could expect a strong technical rebound to occur in this area.

If the euro consolidates above 1.0840 (21 SMA) in the coming days, it could mean a change in trend. Thus, we will look for opportunities to buy above 1.0841 with targets at 1.0925 and at the 200 EMA around 1.0981.

We need to be careful as if the euro falls below 1.0800, our outlook for a technical bounce would be invalidated and we could expect the euro to extend its weakness.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.