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09.10.202308:52 Forex Analysis & Reviews: Technical analysis of EUR/USD for October 9-14

Trend analysis

EUR/USD may continue to move upward this week, starting from the level of 1.0550 (today's opening of the weekly candle) to the historical support level of 1.0653 (blue dashed line). After reaching this price, the pair will climb further towards the 23.6% retracement level of 1.0673 (red dashed line).

Exchange Rates 09.10.2023 analysis

Fig. 1 (weekly chart)

Comprehensive analysis:

Indicator analysis - upward

Fibonacci levels - upward

Volumes - upward

Candlestick analysis - upward

Trend analysis - upward

Bollinger bands - downward

Monthly chart - upward

Conclusion: The indicators point to an upward movement in EUR/USD.

Overall conclusion: The pair will have a bullish trend, with no first lower shadow on the weekly white candle (Monday - upward) and no second upper shadow (Friday - upward).

So during the week, euro will rise from 1.0550 (today's opening of the weekly candle) to the historical support level of 1.0653 (blue dashed line), and then go further to the 23.6% retracement level of 1.0673 (red dashed line).

Alternatively, the pair could move from 1.0550 (today's opening of the weekly candle) to the historical support level of 1.0653 (blue dashed line), followed by a decline to the support line at 1.0641 (thick red line).

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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