EURUSD Daily Analysis – October 2, 2019

EURUSD is facing the resistance of the bearish price channel on the 4-hour chart. As long as the channel resistance holds, the bounce from 1.0879 could be treated as consolidation for the downtrend from 1.1109, further decline towards 1.0800 is possible after the consolidation. On the upside, a clear break above the channel resistance could take the price to next resistance level at 1.0967, above here would confirm that the downside movement had completed at 1.0879 already, then the following rally could bring the price back to 1.1050 zone.

EURUSD 4-hour chart