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EURUSD Analysis: Intraday Timeframe Plan for Friday (October 04, 2019)

Conclusion for today’s EURUSD technical analysis:

Price closing above ~1.10245 implies higher prices in the EURUSD.

Today’s EURUSD analysis is examined on the 6 hour timeframe. The trend in the EURUSD is dominantly bearish. The bearish trendline from June 2019 that is currently active is plotted on the chart.

Ellipses on the chart show the pivots (June 28, August 12 and September 13, 2019) that are used to draw the trendline. Besides, the slopes of the 50 moving average and 200 pointing downwards also echo the current bearish sentiments of the trendline.

EURUSD forecast. EURUSD technical analysis

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1.10245 is marked on the chart as an important price level to watch in the EURUSD because it presents a horizontal resistance that coincides with the bearish trendline.

Breakout and a price close above this level implies bullish strength since price would have moved above the bearish trendline. An upward slope of the 50 moving average would add to the bullish outlook, and eventually that of the 200 moving average as well.

Price closing below 1.0928 however weakens the bullish analysis above and rather suggests continuation of the downtrend.

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