FX.co ★ EUR/USD analysis for October 19, 2023 - Support level on the test

Technical analysis:

EUR/USD has been trading sideways at the price of 1.0540 but I found testing of the key short-term support at 1.0530. There is a chance for rejection or the breakout mode.

In case of the rejection of the support, there is potential for the rally towards 1.0585-1.0595.

In case of the breakout of the support at 1.0520 there is the chance for the drop towards 1.0500

RSI oscillator is showing neutral downside reading below the 50 level, which is of the downside condition.