Select Language

EUR/USD Price Prediction: Bleeds lower towards first target for reversal pattern

Breaking news

EUR/USD Price Prediction: Bleeds lower towards first target for reversal pattern

  • X
  • facebook
  • LINE
  • RSS

  • X
  • facebook
  • LINE
  • RSS
New update 2024.10.15 22:20
EUR/USD Price Prediction: Bleeds lower towards first target for reversal pattern

update 2024.10.15 22:20

  • EUR/USD continues sliding and making lower lows. 
  • It has almost reached the first target for the Double Top reversal pattern it completed last month. 

EUR/USD bleeds lower after piercing through a long-term trend line. The 50 and 100-day Simple Moving Averages (SMA) also lie broken in its wake. Nothing can stop bears now, or so it seems. The trend is down, and given "the trend is your friend" the odds favor more.

EUR/USD Daily Chart 

EUR/USD probably formed a Double Top reversal pattern in August and September. The first downside target for the pattern lies at 1.0872 which has almost been met at the low of the day (1.0885). This equates with the 61.8% Fibonacci extension of the height of the Double Top extrapolated lower (blue shaded rectangle on the chart). 

A further target lies at 1.0874, at the (green) 200-day SMA. Another more bearish target lies at 1.0824, generated by the trendline break.

The fact the initial target at 1.0872 has almost been met could mean that bearish momentum will ease off. However, momentum is not oversold yet and a break below 1.0860 would probably suggest more downside towards the target at 1.0824.

Momentum, as measured by the Relative Strength Index (RSI), is mirroring price as it tracks lower, which is a mildly bearish sign. 

 


Date

Created

 : 2024.10.15

Update

Last updated

 : 2024.10.15

Related articles


Show more

FXStreet

Financial media

arrow
FXStreet

FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.

Was this article helpful?

We hope you find this article useful. Any comments or suggestions will be greatly appreciated.  
We are also looking for writers with extensive experience in forex and crypto to join us.

please contact us at [email protected].

Thank you for your feedback.
Thank you for your feedback.

Most viewed

NZD/USD Price Forecast: Finds temporary support near 0.6040

The NZD/USD pair finds some buying interest after posting a fresh almost two-month low near 0.6040 on Wednesday.
New
update2024.10.16 19:32

Brent crude oil prices fall a third day in a row - DBS

Meanwhile, Brent crude oil prices fell a third day by 3.8% to $74.52 per barrel, its lowest level since October 2, DBS' FX analyst Philip Wee notes.
New
update2024.10.16 19:27

NZD: Markets increase their dovish bets to -60bp - DBS

The New Zealand third-quarter CPI came in line with consensus that added pressure to the New Zealand Dollar (NZD) overnight, ING's FX analyst Francesco Pesole notes.
New
update2024.10.16 19:22

Gold closes in on $2,685 record high

Gold (XAU/USD) extends its recovery into the lower $2,680s on Wednesday after market jitters caused by a dip in US Manufacturing data on Tuesday led to a decline in the US Dollar (USD), a fall in US Treasury yields and a downward revision to the expected path of US interest rates.
New
update2024.10.16 19:20

DXY: Caught between two forces - DBS

The Dollar Index (DXY) failed thrice over the past two days to trade above the significant resistance of around 103.30, DBS' FX analyst Philip Wee notes.
New
update2024.10.16 19:17

EUR/USD remains fragile as traders brace for ECB policy meeting

EUR/USD falls further to near 1.0880 in Wednesday's European session.
New
update2024.10.16 19:10

CAD: To outperform into BoC rate announcement - ING

Canadian headline inflation slowed to 1.6%. The jobs market strengthened in September, expect CAD outperformance next week around the Bank of Canada rate announcement, ING's FX analyst Francesco Pesole notes.
New
update2024.10.16 18:59

USD/CNH: Sudden surge suggests further USD strength to 7.1600 - UOB Group

USD strength is likely to continue; the levels to monitor are 7.1480 and 7.1600.
New
update2024.10.16 18:57

ECB meeting can provide a 'buy the rumour, sell the fact' scenario for EUR - DBS

EUR/USD depreciated 0.2% to 1.0893 overnight before tomorrow's European Central Bank meeting, DBS' FX analyst Philip Wee notes.
New
update2024.10.16 18:49

USD/JPY: Likely to trade in a 148.55/149.60 range - UOB Group

The US Dollar (USD) is likely to trade in a 148.55/149.60 range.
New
update2024.10.16 18:45

Disclaimer:arw

All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.

The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.

  • Facebook
  • Twitter
  • LINE

Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy

I agree
share
Share
Cancel