EURUSD Free market analysis for week 40 (2 Oct 2023)

EURUSD Free market analysis for week 40 (2 Oct 2023)

For this week, our free market analysis will be on the EURUSD currency pair.

EURUSD Monthly Timeframe

EURUSD on the monthly time frame is in an overall downtrend making series of lower lows and lower high. Price have have recently traded around 1.122373 resistance level making double top and it traded through to the support at 0.95501 taking out external range liquidity and currently retracing to 50% Fibonacci retracement at 1.12712 price level.

EURUSD Weekly Timeframe

EURUSD on the weekly is temporary bullish making series of higher highs to the 50% fib. level at 1.12712. Price have tapped into the 50% fib. level and currently making lower lows in line with the overall trend of the monthly timeframe and price have broken the the previous swing low signifying the change in trend the continuation to the down side.

See Also: The Best Price Action Trading Strategy Guide For Beginners

EURUSD Daily Timeframe

EURUSD on the daily timeframe is in line with the pull back to the 50% fib. level at 1.12712 that is identified earlier on the monthly timeframe. while pulling back price traded along a trend line which started at 1.05262 price level had its second touch at 1.06369 price level and its third touch at 1.07661 price level before breaking the trend line and another support level which is at 1.06800.

EURUSD 4 HOURS Timeframe

EURUSD on the 4hours timeframe have been in a down trend and have traded through to break the support and have also traded through the external range liquidity and but currently pulled back to 50% fib. retracement at 1.06141 and have continued in its overall trend which is bearish.
Basically the overall trend is bearish and all timeframe have aligned to this sentiment, lets wait for our entry strategy to confirm to us before taking our position.

CONCLUSION

This free market analysis is not a guarantee for profitability while trading the EURUSD pair, but the professional opinion of the Author. We therefore advice the reader to use the free market analysis as a guide while carrying out their individual analysis.

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