Last week, our technical indicators suggested going Long at or below 1.1154, setting a Stop Loss at 1.10666, and going Short at or above 1.11747, setting a Stop Loss at 1.13.

This week, the EURUSD price range was 1.1209 high set this past Monday, and 1.1025 low, set today, Thursday. So, on Monday, we could have Short the currency pair at 1.1208, covering it on an intraday trading at 1.1115, for 0.84% profit. Tuesday, we could have bought it at 1.10666, selling it on an intraday trading at 1.1143, for 0.69% profit. Wednesday, we could have bought it at 1.10666, selling it on an intraday trading at 1.1083, for an extra 0.15% ROI.

Fundamental Overview

The EURUSD pair recovered from a weekly low of 1.1045 posted on Tuesday, with market players maintaining a cautious stance amid United States (US) macroeconomic data. The focus this week is on US employment figures, with several related figures scheduled throughout the week ahead of the Nonfarm Payrolls report to be out on Friday.

The country released the JOLTS Job Openings report on Tuesday, which showed job openings unexpectedly jumped by 329K from an upward revised 7.711 million in July to 8.040 million in August, providing near-term support to the US Dollar. Additionally, the US just published the ADP survey, which showed the private sector added 143K in September, better than the 120K anticipated. The August reading was upwardly revised from 99K to 103K.

Earlier in the day, the Eurozone reported that the August Unemployment Rate held steady at 6.4%, as expected.

Meanwhile, the USD benefited from a risk-averse environment amid geopolitical tensions in the Middle East. Cross-attacks between Israel and Lebanon escalated over the weekend and continue to affect financial markets. Oil prices jumped, pushing investors away from high-yielding assets and favoring USD gains in the near term.

For a detailed understanding of market trends, check out our Forex Market Analysis page, where we provide in-depth analysis of various currency pairs.

Technical Analysis

The EURUSD sits at three-week lows below 1.1050 on USD strength.

The currency pair stays pressured below 1.1050 in the European session on Thursday, testing three-week lows. Sustained US Dollar strength, on fading outsized Fed rate cut bets and Middle East escalation, weighs on the pair. Meanwhile, increased bets for a 50 bps Oct ECB rate cut undermine the Euro.

From a technical point of view, the EURUSD pair is bearish, trading at the lower end of Tuesday’s range. The daily chart shows the pair trades below a flat 20 Simple Moving Average (SMA), currently providing dynamic resistance in the 1.1100 price zone. The 100 and 200 SMAs, in the meantime, have lost their upward strength but hold far below the current. Finally, technical indicators maintain their bearish slopes, gaining downward traction below their midlines, which is usually a sign of additional losses ahead.

In the near term, according to the above 4-hour chart, the risk skews to the downside. A firmly bearish 20 SMA is coming close to cross directionless 100 and 200 SMAs to the downside, a strong selling signal. Even further, technical indicators grind lower after a consolidative stage within negative levels, anticipating another leg south without confirming it just yet.

Support levels are at 1.1040, 1.1000, and 1.0960.

Resistance levels are at 1.1110, 1.1150, and 1.1200.

For next week, we are monitoring EURUSD for a buying opportunity around 1.1050 zone, EURUSD is trading in an uptrend and currently is in a correction phase in which it is approaching the trend at 1.10450 support and resistance area.

Hence, our technical analysis is suggesting going Long at or below 1.1050, setting a Stop Loss at 1.1095, and going Short at or above 1.1051, setting a Stop Loss at 1.1148.

As of 10:54 AM (GMT+1), the EURUSD was trading at 1.10450.

EURUSD insights

Pivot points are a technical indicator that traders use to predict upcoming areas of technical significance, such as support and resistance. They are calculated by averaging the high, low and closing prices of a previous period. That could be a day, a week or a month.

If a market is trading above its previous pivot point (known as P), it is seen as a bullish signal. If it is below, it is bearish.

EUR to USD forecast for tomorrow

EUR to USD forecast for tomorrow, Euro to US Dollar forecast on Friday, October, 4: exchange rate 1.103 US Dollars, maximum 1.120, minimum 1.086. EUR to USD forecast on Monday, October, 7: exchange rate 1.096 US Dollars, maximum 1.112, minimum 1.080. Euro to US Dollar forecast on Tuesday, October, 8: exchange rate 1.093 US Dollars, maximum 1.109, minimum 1.077. EUR to USD forecast on Wednesday, October, 9: exchange rate 1.092 US Dollars, maximum 1.108, minimum 1.076.

EUR to USD Forecast for Next Week

In 1 week, Euro to US Dollar forecast on Thursday, October, 10: exchange rate 1.096 US Dollars, maximum 1.112, minimum 1.080. EUR to USD forecast on Friday, October, 11: exchange rate 1.091 US Dollars, maximum 1.107, minimum 1.075. Euro to US Dollar forecast on Monday, October, 14: exchange rate 1.098 US Dollars, maximum 1.114, minimum 1.082. EUR to USD forecast on Tuesday, October, 15: exchange rate 1.093 US Dollars, maximum 1.109, minimum 1.077. Euro to US Dollar forecast on Wednesday, October, 16: exchange rate 1.093 US Dollars, maximum 1.109, minimum 1.077.

To stay updated with our latest forecasts and trading tips, visit our Forex News section regularly. Don’t miss out on our Expert Trading Tips for advanced strategies.

Until next article, wishing all of you wealthy trading!