empty
 
 
09.10.2024 04:33 PM
Trading Signals for EUR/USD for October 9-11, 2024: buy above 1.0925 (21 SMA - 3/8 Murray)

This image is no longer relevant

EUR/USD is trading around 1.0954 below the 21 SMA and below 4/8 Murray under strong bearish pressure. The euro has been consolidating since October 3 between the 1.0986 and 1.0950 levels. If the bearish pressure prevails, the instrument could reach 3/8 Murray around 1.0925.

On the other hand, we see a bearish trend channel on the H4 chart, which means that the euro could continue to fall in the next few hours and reach 1.0925.

On the contrary, in case there is a sharp break above 1.0975, the outlook could be positive and EUR/USD could reach 1.1047 (5/8 Murray) and finally 1.1061.

Technically on the H4 chart, we can see that the Euro is oversold which means that we could see the euro recover in the next few days. Therefore, we should expect it to consolidate above the 21 SMA located at 1.0975, then it could reach the target of the 200 EMA located at 1.1061.

Our trading plan for the next few hours is to buy on a break above 1.0960 or on a bounce around 1.0925. The Eagle indicator is showing an imminent signal of a technical bounce.

Dimitrios Zappas,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In October we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback