08.10.202415:17 Forex Analysis & Reviews: Trading Signals for EUR/USD for October 8-11, 2024: sell below 1.0996 (21 SMA - rebound)

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Early in the American session, EUR/USD is trading around 1.0986 below the 21 SMA around 4/8 Murray which sets the stage for the euro's recovery in the next few days only if EUR/USD consolidates above the psychological level of 1.10.

The euro has a resistance around 1.0996 (21 SMA). If the instrument resumes its bearish cycle below this area, it will be seen as an opportunity to sell with targets at the weekly support at about 1.0953.

On August 13, the euro found good support at about 1.0950. The same level was tested again by EUR/USD on October 4 and served as good support.

We are watching a recovery of the EUR/USD pair on the H4 chart. So, we reckon that if there is a pullback towards 1.0950, a technical rebound could occur around this area which will be seen as an opportunity to buy.

The eagle indicator reached the 5-point zone, which represents an extremely oversold asset. This is mirrored in EUR/USD, as we are seeing a slight recovery. Therefore, the instrument will reach 1.1030 in the next few days and finally, it could reach 1.1067 where the 200 EMA is located.

Plotting the Fibonacci indicator, we can expect a retracement towards 61.8% in the 6/8 Murray zone around 1.1110. This level could be key for the euro since it could resume its bearish cycle from this point.

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