Technical analysis of EUR/USD for October 02, 2017

EURUSDH1.png

Overview:

  • The NZD/USD pair dropped sharply from the level of 1.1836 towards 1.1750. Now, the price is set at 1.1760. On the H1 chart, the resistance is seen at the levels of 1.1836 and 1.1911. Volatility is very high for that the NZD/USD pair is still expected to be moving between 1.1836 and 1.1716 in coming hours. In the short term, we expect the NZD/USD pair to continue to trade in a bearish trend from the new resistance level of 1.1836 to form a bearish channel. Also, it should be noted that major resistance is seen at 1.1911, while immediate resistance is found at 1.1836. According to the previous events, the pair is likely to move from 1.1836 towards 1.1716 and 1.1657 as targets. In the H1 time frame: On the other hand, if the pair succeeed to pass through the level of 1.1836, the market will indicate a bullish opportunity above the level of 1.1836. So, the market will rise further to 1.1911 in order to return to the resistance 2. Moreover, a breakout of that target will move the pair further upwards to 1.1994.
The material has been provided by InstaForex Company - www.instaforex.com