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EURUSD Breaks Above 1.12000 – Bullish Continuation Or A Bull Trap? – Technical Analysis Updates

Hello Traders,

EURUSD has just broke above 1.12000 area and let’s see what the current market conditions on the technical side are telling us. Firstly, we can see a clear bullish trend thus far from the mid term cycle which started back in 16.04.2024. All dips thus far remained supported for the bullish run from the 1.06000 are up to 1.12000. Looking at the RSI we can see that the move which started from 11.09.2024 remains intact and buyers appear to be in control at this stage.

The question remains whether buyers will manage to have a decisive move, in such scenario the RSI indicator should break the drawn trendline highlighted below in the chart. Any potential dips are looking to find buyers at this stage with 2 trendlines in focus. Traders should be aware of the upcoming news such as US GDP, which is due for tomorrow, PCE on Friday this week and next week we have the Nonfarm Payrolls and US unemployment on Friday 04.10.2024, as we enter into the new month of October.

 

EURUSD

 

If buyers manage to have a decisive break higher we would not be surprised to see the pair reaching the 1.13000 area near term. Failure to do so poises risks to the downside and the 2 trendlines in focus, at 1.11000 – 1.10000 area, as the market should remain sensitive to the upcoming US data mentioned above. Those are the key points traders need to pay attention near term when trading the pair. Stay tuned for our weekly and monthly market outlook early next week.

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