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EUR USD Technical Analysis - EUR USD Trading: 2023-10-04
EUR/USD Technical Analysis Summary
Below 1.0448
Sell Stop
Above 1.0616
Stop Loss
| Indicator | Signal |
| RSI | Buy |
| MACD | Sell |
| Donchian Channel | Sell |
| MA(200) | Sell |
| Fractals | Sell |
| Parabolic SAR | Sell |
EUR/USD Chart Analysis
EUR/USD Technical Analysis
The technical analysis of the EURUSD price chart on daily timeframe shows EURUSD,Daily is declining under the 200-day moving average MA(200) after returning below it a month ago. RSI is in oversold zone still. We believe the bearish momentum will continue after the price breaches below the lower bound of the Donchian channel at 1.0448. A level below this can be used as an entry point for placing a pending order to sell. The stop loss can be placed above 1.0616. After placing the order, the stop loss is to be moved to the next fractal high indicator, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.
Fundamental Analysis of Forex - EUR/USD
German manufacturing sector contraction continued in third quarter. Will the EURUSD price continue retreating?
German manufacturing sector contraction continued in Q3: SP Global report showed the final reading of German Manufacturing PMI came in at 39.6 after the initial reading of 39.8, when no change was forecast. Readings above 50.0 indicate industry expansion, below indicate contraction. SP Global survey showed output fell to the greatest extent for almost three-and-a-half years amid a further drop in new orders. Input costs and output charges further declined in September indicating weaker demand. This is bearish for EURUSD.
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