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FX.co ★ EUR/USD analysis for October 07 2020 - The bullish trend is still active and there is potential for re-test pf 1.1805

EUR/USD analysis for October 07 2020 - The bullish trend is still active and there is potential for re-test pf 1.1805

Prior -4.8%

  • Market index 804.7 vs 769.6 prior
  • Purchase index 316.0 vs 320.9 prior
  • Refinancing index 3,622.3 vs 3,346.9 prior
  • 30-year mortgage rate 3.01% vs 3.05% prior

The long-term mortgage rate slips to its lowest on record in the survey's history, and that is arguably spurring the increase in refinancing activity - which carried the jump last week. Purchasing activity slumped but remains at considerably high levels still.

Further Development

analytics5f7da71d58227.jpg

Analyzing the current trading chart of EUR, I found that sellers did try to change the trend yesterday but with no great success. The EUR is still in short-term upside trend and I see further upside movement towards 1,1805 and 1,1875

My advice is to watch for buying opportunities on the intraday dips with first target at 1,1805

1-Day relative strength performance Finviz

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analytics5f7da7375b04f.jpg

Based on the graph above I found that on the top of the list we got Lean Hogs and Russell 2000 today and on the bottom Lumber and Gasoline.

Key Levels:

Resistance: 1,1805

Support level: 1,1732

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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