empty
29.09.2023 05:35 PM
EUR/USD retesting buyers

EUR/USD dropped in the short term as the Dollar Index bounced back in the last hours. After its strong growth, the currency pair retreated a little which was natural. Still, it could only test and retest the near-term support levels before jumping higher again. It's located at 1.0582 at the time of writing.

Fundamentally, the German Retail Sales and the Eurozone CPI Flash Estimate and Core CPI Flash Estimate came in worse than expected, weakening the Euro. On the other hand, the US reported mixed figures. The Revised UoM Consumer Sentiment and Goods Trade Balance came in better than expected, while Chicago PMI and Personal Spending came in worse than expected.

EUR/USD Flag Pattern!

This image is no longer relevant

From the technical point of view, EUR/USD found resistance at 1.0609 and now it has escaped from the up channel pattern.

Registering only false breakouts above the former high, the price action signaled exhausted buyers. Now, it stands right above the 1.0573 former low. This represents a critical downside obstacle.

EUR/USD Forecast!

Dropping and closing below the 1.0569 former low is seen as a selling opportunity.

On the other hand, staying above 1.0573 and making a new higher high could be seen as a bullish signal.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

USD/JPY: Simple Trading Tips for Beginner Traders on April 18. Review of Yesterday's Forex Trades

The test of the 142.38 level coincided with a moment when the MACD indicator had already significantly moved below the zero mark, which limited the pair's downside potential. For this

Jakub Novak 08:33 2025-04-18 UTC+2

GBP/USD: Simple Trading Tips for Beginner Traders on April 18. Review of Yesterday's Forex Trades

The test of the 1.3249 price level occurred when the MACD indicator had already moved significantly above the zero line, which limited the pair's upside potential. For this reason

Jakub Novak 08:31 2025-04-18 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders on April 18. Review of Yesterday's Forex Trades

The test of the 1.1357 price level occurred when the MACD indicator had already dropped significantly below the zero line, which limited the pair's downside potential. For this reason

Jakub Novak 08:30 2025-04-18 UTC+2

Intraday Strategies for Beginner Traders on April 18

Euro and Pound Retain All Prerequisites for Further Growth The single European currency showed virtually no reaction to yesterday's meeting of European Central Bank officials, during which another interest rate

Miroslaw Bawulski 06:52 2025-04-18 UTC+2

USD/JPY: Simple Trading Tips for Beginner Traders – April 17th (U.S. Session)

The test of the 142.79 level occurred when the MACD indicator had just started moving upward from the zero mark, which confirmed a valid entry point for buying the dollar

Jakub Novak 19:05 2025-04-17 UTC+2

GBP/USD: Simple Trading Tips for Beginner Traders – April 17th (U.S. Session)

The test of the 1.3230 level occurred when the MACD indicator had already moved well above the zero line, which limited the pound's upward potential. For this reason, I didn't

Jakub Novak 19:02 2025-04-17 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders – April 17th (U.S. Session)

The test of the 1.1385 level occurred when the MACD indicator had already moved significantly above the zero mark, which limited the pair's upward potential. For this reason

Jakub Novak 18:57 2025-04-17 UTC+2

USD/JPY: Simple Trading Tips for Beginner Traders on April 17th – Forex Trade Review

Trade analysis and trading tips for the Japanese yen The test of the 142.51 price level occurred when the MACD indicator had already moved significantly below the zero mark, which

Jakub Novak 11:19 2025-04-17 UTC+2

GBP/USD: Simple Trading Tips for Beginner Traders on April 17th – Forex Trade Review

Trade analysis and trading tips for the British pound The test of the 1.3257 price level occurred when the MACD indicator had already moved significantly below the zero mark, which

Jakub Novak 11:17 2025-04-17 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders on April 17th – Forex Trade Review

Trade Analysis and Euro Trading Tips The test of the 1.1344 price level occurred at a time when the MACD indicator had already moved far below the zero line, which

Jakub Novak 11:15 2025-04-17 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.