Euro continues to achieve bearish targets 16/10/2024

The EUR/USD pair continued its decline, as anticipated in the previous technical report, hitting the target of 1.0880 and recording a low of 1.0878 during the morning session.

Today’s analysis suggests the downward trend may persist, with negative pressure continuing from the simple moving averages, supporting the decline. The bearish double top pattern on the 4-hour chart also reinforces this outlook. Thus, we maintain a negative bias, targeting 1.0780 as the next official station, unless the pair rises above the broken support level at 1.0940, which has now turned into resistance (61.80% Fibonacci correction).

However, if the pair successfully breaks above 1.0940 with an hourly candle close, this could signal a recovery in the short term, with potential retests of 1.0970 and 1.1020.

Warning: The risk level remains high amid ongoing geopolitical tensions, and unexpected scenarios could unfold.

Risk Warning: The risk level remains high amid ongoing geopolitical tensions, and all scenarios are possible.

S1: 1.0865	R1: 1.0940
S2: 1.0830	R2: 1.0970
S3: 1.0780	R3: 1.1020