04.10.202215:55 Forex Analysis & Reviews: Technical analysis of EUR/USD for October 2022

Trend analysis

EUR/USD will increase this October, starting from 0.9804 (closing of the September monthly candle) to 0.9994, which is the historical resistance level (blue dotted line). Then, it will go to the 23.6% retracement level at 1.0198 (red dotted line) and the historical resistance level at 1.0373 (blue dotted line), before turning down again.

Fig. 1 (monthly chart)

Comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - uptrend

Candlestick analysis - uptrend

Trend analysis - uptrend

Bollinger bands - uptrend

All this points to an upward movement in EUR/USD.

Conclusion: The pair will have a bullish trend, with no first lower shadow on the monthly white candle (the first week of the month is white) and a second upper shadow (the last week is black).

Throughout the month, quotes will climb from 0.9804 (closing of the September monthly candle) to the historical resistance level at 0.9994 (blue dotted line), go to the 23.6% retracement level at 1.0198 (red dotted line) and the historical resistance level at 1.0373 (blue dotted line), then turn down again.

Alternatively, the pair could rise from 0.9804 (closing of the September monthly candle) to the 23.6% retracement level at 1.0198 (red dotted line), then bounce down to the historical resistance level at 0.9994 (dashed blue line). Upward movement may resume from this level.