FX.co ★ EUR/USD analysis for October 06, 2023 - Potential for the downside movement

Technical analysis:

EUR/USD has been trading upside but I found rising wedge pattern in creation and potential for the further drop towards lower references.

Due to the strong downside trend in the background and the rising wedge pattern in creation, I see potential for the further drop towards lower references.

Downside objectives are set at the price of 1.0535 and 1.0503

RSI oscillator is showing bearish divergence, which is sign of the upside extension.

Key resistance is set at the price 1.0560