empty
20.10.2023 05:37 PM
EUR/USD: upside reversal possible

The EUR/USD pair seems undecided in the short term. It's located at 1.0588 at the time of writing. The price action signaled exhausted sellers and announced a potential reversal. Still, a larger growth is far from being confirmed. The greenback depreciated also after Fed Chair Powell's speech yesterday.

Also, the US reported mixed figures in the last session. Today, Canadian Retail Sales came in better than expected, while Core Retail Sales came in better than expected but worse compared to the previous reporting period.

EUR/USD Range Formation!

This image is no longer relevant

The EUR/USD pair is trapped between 1.0616 and 1.0556 levels. Only escaping from this range could bring us new opportunities.

As you can see on the H1 chart, the price jumped above the downtrend line signaling a potential reversal. Still, it's located within an up channel as well.

EUR/USD Outlook!

A new higher high, a bullish closure above 1.0616 activates further growth. This is seen as a buying opportunity. An upside continuation could be invalidated if the rate comes back below the downtrend line and if it drops below the minor uptrend line.

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 May 9th (U.S. Session)

Trade Review and Guidance on Trading the Japanese Yen The test of the 145.31 level occurred when the MACD indicator had already moved significantly below the zero mark, which limited

Jakub Novak 19:13 2025-05-09 UTC+2

GBP/USD: Simple Trading Tips for Beginner Traders on May 9th (U.S. Session)

Trade Analysis and Tips for the British Pound The test of the 1.3255 level during the first half of the day occurred when the MACD indicator had already moved significantly

Jakub Novak 19:10 2025-05-09 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders on May 9th (U.S. Session)

Trade Analysis and Tips for the Euro The test of the 1.1244 price level occurred when the MACD indicator had already risen significantly above the zero mark, which limited

Jakub Novak 19:08 2025-05-09 UTC+2

USD/JPY: Simple Trading Tips for Beginner Traders on May 9. Review of Yesterday's Forex Trades

The test of the 144.86 level occurred when the MACD indicator had just started to move upward from the zero line, confirming a valid entry point for buying the dollar

Jakub Novak 09:44 2025-05-09 UTC+2

GBP/USD: Simple Trading Tips for Beginner Traders on May 9. Review of Yesterday's Forex Trades

The test of the 1.3342 level in the second half of the day occurred when the MACD indicator had already significantly moved above the zero line, which limited the pair's

Jakub Novak 09:44 2025-05-09 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders on May 9. Review of Yesterday's Forex Trades

The price test at 1.1312 in the second half of the day coincided with the MACD indicator having already moved significantly above the zero line, which limited the pair's upward

Jakub Novak 09:44 2025-05-09 UTC+2

Intraday Strategies for Beginner Traders on May 9

The euro and the pound resumed their decline immediately after confidence in the U.S. reaching trade agreements with key partners increased in the market. Following signing a trade agreement with

Miroslaw Bawulski 07:53 2025-05-09 UTC+2

USD/JPY: Simple Trading Tips for Beginner Traders – May 8th (U.S. Session)

Trade Review and Tips for Trading the Japanese Yen The price test at 143.75 in the first half of the day coincided with the MACD indicator just starting to rise

Jakub Novak 19:30 2025-05-08 UTC+2

GBP/USD: Simple Trading Tips for Beginner Traders – May 8th (U.S. Session)

Trade Analysis and Tips for the British Pound The price test at 1.3330 in the first half of the day coincided with the MACD indicator just beginning to move down

Jakub Novak 19:28 2025-05-08 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders – May 8th (U.S. Session)

Trade Analysis and Tips for the Euro The price test at 1.1321 occurred just as the MACD indicator began moving down from the zero mark, confirming a correct entry point

Jakub Novak 19:26 2025-05-08 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.