EURUSD Is Ready to Buy
This October has been disappointing for the single currency, with the EURUSD dropping by 3.0% to 1.07600, its lowest since 3 July. Such a large decline was last seen in September 2023, followed by a three-month 6.0% rally. It would be hasty to anticipate similar strong growth now, but the pair could rise by 2.0-2.5% to ease its oversold tensions. The EURUSD has already broken through and successfully retested the descending channel’s resistance, which was established on 2 October.
So, I am planning to buy at 1.07850-1.08250, targeting 1.10000-1.10500. A stop-loss could be set at 1.06000.
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