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02.10.201808:52 Forex Analysis & Reviews: Technical analysis of EUR/USD for October 2, 2018

Long-term review

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EUR/USD has made new lows as expected. Price has reached near 1.15 and there is still some chances we see a move below 1.15. However, it is still too early to open short positions.

Red line - major resistance

Orange dots - medium strength resistance

Black dots - maximum strength support

EUR/USD is approaching the major support at 1.1470-1.1480. Price got rejected yesterday at 1.1620-1.1630 resistance and fell to new lows. We pointed out very clearly yesterday that bulls would need to break above 1.1620-1.1630 in order for them to regain control of the short-term trend. Trend remains bearish. Short-term resistance is at 1.1580. Breaking and closing above this level would be a bullish sign but not a reversal sign. Only a close above 1.1630 would be considered a reversal sign and that an important low is in.

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