EUR/USD Trend Analysis
U.S. Dollar currency Index
The U.S. dollar index performed strongly in September, but the trend in October was more uncertain.
In the first half of October, it is expected that the trend of the US dollar index may become more chaotic in the short term, the Euro/Dollar turned lower after rising to 1.1831. Opened the door for the short-term downturn, the GBP/USD trend is concerned about the gains and losses of the support level.
The market's hope for more stimulus measures has provided the bears with an attraction, and technical traders are paying close attention to the long-term support trend line in September and the bullish engulfing candle chart constructed in September.
But so far in October, the dollar price trend is still quite chaotic. In the first half of October, the dollar index formed a doji candlestick.
EUR/USD
The U.S. dollar is currently hovering below the October high, while the EUR/USD refreshed its monthly low in late yesterday. The lower support level focuses on the August lows of 1.1694 and 1.70, and the upper potential resistance level focuses on the 1.1736-1.1750 range, which served as a support range last week. The Euro/Dollar rose to 1.1831 at that time. But since then, the situation has changed. EUR/USD has seen a series of lower lows and highs, opening the door for the bearish continuation.
Edited 16 Oct 2020, 10:20
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