EURUSD Forex Analysis for Today, Thursday (05-10-2023)
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EURUSD Correction, Bearish Outlook Still Looming
Analysis of EURUSD – The halt in the strengthening of the US dollar is affecting the EURUSD movement. EURUSD is correcting upwards towards the resistance zone of 1.05851 – 1.05929.
Today’s Trading Strategy:
There is an opportunity to Sell EURUSD today as long as it doesn’t break above the 1.05851 – 1.05929 area, with the potential to decline towards the 1.04571 – 1.04423 range.
Alternatively, a breakthrough above the resistance zone of 1.05851 – 1.05929 could potentially push EURUSD up to the 1.06097 – 1.06223 range.
Resistance Levels:
- R1 1.05929
- R2 1.05929
- R3 1.06223
Support Levels:
- S1 1.04423
- S2 1.03740
- S3 1.03227
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