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EUR/USD: The decline in pressure decreases above 1,0545 - UOBA few days ago (on October 3, at the spot rate of 1.0480), Samson emphasized that the EUR "is still in a downtrend phase and is likely to weaken to around 1.0430, possibly below 1.0400." The EUR dropped to 1.0447 and has since rebounded. The downward momentum is starting to slow down, and if the EUR surpasses the level of 1.0545 (with no significant change in 'strong resistance' from yesterday), it means that the level of 1.0430 will not appear during this period.
by Samson-FX
EURUSD pares losses within five-week-old bearish channelEURUSD stays defensive within a short-term bearish chart pattern after recovering from the Year-To-Date (YTD) low in the last two consecutive days. The corrective bounce also crossed a two-week-long falling resistance line and gains support from the bullish MACD signals, as well as the upbeat RSI (14) conditions, to suggest the Euro pair’s further advances. However, the top line of a downward-sloping trend channel established since August 30, close to 1.0575 by the press time, guards the immediate recovery of the pair. Following that, an 11-week-old descending resistance line and the 200-SMA, respectively near 1.0660 and 1.0700, will act as the final defense of the bears before giving control to the buyers. Meanwhile, the resistance-turned-support line stretched from September 20, surrounding 1.0530, puts a floor beneath the EURUSD price for the short term. In a case where the Euro pair drops below 1.0530, the 1.0500 round figure and the yearly low marked on Tuesday around 1.0450 will test the bears. Also acting as a downside filter is the bottom line of the aforementioned bearish trend channel, close to 1.0420 at the latest. Should the major currency pair remain bearish past 1.0420, and also break the 1.0400 threshold, a gradual south-run toward the late November 2022 swing low of around 1.0220 can’t be ruled out. Overall, EURUSD is likely to witness further recovery but the bearish trend prevails unless the quote stays beneath 1.0700.
by MTradingGlobal
Global Markets Face DownturnGlobal markets are experiencing a decline, with early indications suggesting that Wall Street may open lower. The Dow futures are down 129.00 points, the S&P 500 futures are declining by 19.50 points, and the Nasdaq 100 futures are sliding by 82.75 points as of 8:00 am ET. On Monday, the major US stock indexes mostly finished higher, with the Nasdaq gaining 0.7 percent, the S&P 500 inching up slightly, and the Dow slipping by 0.2 percent. Today, the Labor Department will release the Job Openings and Labor Turnover Survey (JOLTS) report for August, which could be a significant event. The consensus is for 8.75 million job openings, slightly lower than July's figure. Asian stocks also fell sharply today, with Hong Kong's Hang Seng index tumbling by 2.69 percent. Chinese markets remained closed for the holidays, and Japanese shares also declined. Australian markets dropped after the Reserve Bank of Australia kept interest rates steady but highlighted the possibility of further policy tightening to control inflation. European shares are also trading negatively, with France's CAC 40, Germany's DAX, England's FTSE 100, and the Swiss Market Index all declining. The Euro Stoxx 50, which represents leading companies in the Eurozone, is also down. Additionally, there will be a 52-week Treasury bill auction held later today.
by MilanTaMi