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Focus on EUR/USD Today – 26th October 2023 


Comprehensive EUR/USD for October 26, 2023

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the EUR/USD for 26th October 2023. 


Key Takeaways 

  • ECB will not raise interest rates: Today the European Central Bank announced its latest interest rate decision. In September, the ECB unexpectedly raised interest rates for the tenth consecutive time. But then it was hinted that this round of interest rate hikes is coming to an end and the ECB may not raise interest rates for the rest of this year. The market will focus on whether the ECB has additional forward guidance. 
  • Euro depends on USD: Since the European Central Bank will « almost certainly » keep interest rates unchanged, the euro is more likely to be driven by the economy of the US. Tonight, the United States will announce the number of initial jobless claims last week and PCE data for the third quarter. 

EUR/USD Technical Analysis 


EUR/USD Daily Chart Insights

EUR/USD Daily Chart Insights by Ultima Markets MT4
  • Stochastic Oscillator: The fast line of the indicator crossed below the slow line yesterday, suggesting that a bearish trend in the market is coming. 
  • Price action: The exchange rate showed a bearish price action on Tuesday, and then the candle bar pulled back to the 5-day moving average and fell below Tuesday’s low, suggesting that bears have the upper hand. 
  • Flag-shaped consolidation structure: The exchange rate has fluctuated upward since October 4, and the overall price has shown a flag-shaped range. Next, we will pay attention to whether price can fall below the range today. If the range is still effectively supported, the market will rebound and rise again. Otherwise, short opportunities will come. 

EUR/USD 1-hour Chart Analysis

EUR/USD 1-hour Chart Analysis by Ultima Markets MT4
  • Stochastic Oscillator: The fast line is about to cross the slow line, suggesting that the exchange rate is about to fall into consolidation in the short term. 
  • Moving average group: The exchange rate fell below the 200-period moving average. Currently, the 33-period moving average and the 65-period moving average have not yet crossed the 200-period moving average. Theoretically, when the fast line crosses the slow line, the market price may pull back to the short-term moving average group. 

Ultima Markets MT4 Pivot Indicator

Ultima Markets MT4 Pivot Indicator for EUR/USD
  • According to the pivot indicator in Ultima Markets MT4, the central price of the day is established at 1.05797, 
  • Bullish Scenario: Bullish sentiment prevails above 1.05797, first target 1.05933, second target 1.06205; 
  • Bearish Outlook: In a bearish scenario below  1.05797, first target 1.05526, second target 1.05383. 

Conclusion 

To navigate the complex world of trading successfully, it’s imperative to stay informed and make data-driven decisions. Ultima Markets remains dedicated to providing you with valuable insights to empower your financial journey. 

For personalized guidance tailored to your specific financial situation, please do not hesitate to contact Ultima Markets. 


Join Ultima Markets today and access a comprehensive trading ecosystem equipped with the tools and knowledge needed to thrive in the financial markets. 


Stay tuned for more updates and analyses from our team of experts at Ultima Markets. 




Disclaimer   

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.  

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