Daily Technical Analysis and Spotlight on EURUSD

Oct 6, 2021 at 4:41 AM EDT

The latest daily technical analysis by AAATrade reveals the key support and resistance levels.

Spotlight on EURUSD. The latest daily technical analysis by AAATrade reveals the key support and resistance levels that each of these assets is likely to reach today. Look at the charts and our market analysts’ observations below and gain a fresh perspective on trading.

Looking at the EURUSD 4-hour chart, we can see the extended downtrend lasting for more than a month, falling from the 1.19 down to 1.155 price level, failing to consolidate along the way. A temporary support base was formed at 1.156 during the past week however with increased downward pressure it appears vulnerable for a breakdown. EURUSD is currently traded at that 1.157 price level, close to its 1.156 support.

Today we could expect a pattern continuation as negative momentum is at play, leading to a further decline in price. A breakdown from the support of 1.156 towards 1.154 could be a possibility.

If however, it manages to hold above the 1.156 support level and consolidates, then a case for reversal arises and a rise towards the 1.163 price level could be expected.

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