"EUR/USD Forecast: October Insights as Bearish Momentum Fades – Short-Term Outlook Explained"

Euro Short-Term Outlook: EUR/USD Bears Lose Steam into October Close

Source: Forex Factory

Market Overview

• The Euro has experienced a significant decline of over 4% off its yearly highs.
• A four-week sell-off indicates a response to technical support observed recently.

Technical Analysis

• The broader technical outlook suggests continued downward pressure on the Euro.
• Immediate market movements may face challenges as the month closes.
• Key levels to monitor for EUR/USD include:
  • A major pivot zone at 1.0871/79.
  • Targets and invalidation levels are crucial for navigating this trend.

Conclusion

• The fight for control in the EUR/USD exchange rate is intensifying as October comes to a close.
• Traders should remain vigilant about potential reversals and market signals in the upcoming weeks.