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Trading signals for #EURUSD → Resistance Retest. Waiting for NFP

2023-10-06 07:55 FOREX forecast

💡Ideas For EURUSD 🇪🇺/🇺🇸

📈 EURUSD → Resistance Retest. Waiting for NFP

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#EURUSD is retesting the trend resistance. The liquidity area may be tested before the publication of NonFarm Payrolls, which will form a surge in volumes

At the moment, from a fundamental point of view, EUR will weaken further as USD (DXY) is in a strong bullish trend amid tight monetary policy. Today's data will not change the fundamental background much, but it may affect it relatively.

From the technical analysis point of view, I am waiting for a retest of the trend resistance, possibly the price may strengthen to 1.0635, but with a medium-term downside prospect. The price is consolidating above MA-50 (on H4), most likely in the near future, before the surge of volumes, the market may go a little deeper (up). Local volume accumulation is above 1.057 and 1.0585.

Support levels: 1.05000, 1.0459

Resistance levels: upper channel boundary, 1.057 and 1.0585.

I am waiting for a retest of the resistance area followed by a medium-term decline to 1.05000 or 1.035

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#EURUSD 🇪🇺/🇺🇸

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