FX.co ★ EUR/USD analysis for October 05, 2023 - Potential for the downside movement

Technical analysis:

EUR/USD has been trading upside in the background but I found lack for buying power to push above 1.0530, which is a sign for the potential downside movemenet.

Due to the rejection of the resistance cluster and strong downside trend in the background, I see potential for the further drop towards lower reference.

Downside objectives are set at the price of 1.0485 and 1.0450

RSI oscillator is showing fresh hidden bearish divergence, which is good sign for the further downside movement.

Key resistance is set at the price of 1.0530