Focus on EURUSD today – 3rd Oct 2024 

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the EURUSD for OCT 3, 2024. 

Key Takeaways 

• U.S. Employment Market: ADP employment in September recorded 143,000 people, rebounding after five consecutive months of slowing growth, exceeding the expected 120,000 people, and the previous value was revised from 99,000 to 103,000. The positive news of “small non-farm” pushed the US dollar index up for the third consecutive trading day 

• U.S. PMI: Today, the United States will release the ISM non-manufacturing PMI data for September. According to historical experience, there are large variables in the ISM data at the end of the third quarter of each year. If the data further demonstrates the resilience of the U.S. economy, the interest rate cut will be further reduced this year. 

Technical Analysis 

Daily Chart Insights 

(EURUSD Daily Price Chart, Source: Ultima Markets MT4) 

• Stochastic oscillator: The indicator has been falling all the way after the short signal appeared on October 1. The fast line has now fallen to the oversold zone, which suggests that the current short-selling force has the upper hand. When the slow line falls to the oversold area, be alert that the downward trend may slow down. 

• Support price: EUR/USD fell back to the red 33-day MA yesterday and continued to fall. The short-selling force clearly has the upper hand during the day. The target below focuses on the proportional Fibonacci extension level, which is also near the 1.100 integer mark. The exchange rate may rebound at that time. 

1-hour Chart Analysis 

(EURUSD H1 Price Chart, Source: Ultima Markets MT4) 

• Stochastic oscillator: After the bottom divergence pattern, the indicator is currently hovering above the oversold area. If the indicator cannot rebound above the 50 median line, there is still a probability that the exchange rate will fall below yesterday’s low during the Asian session. 

• Flag range: Yesterday, the euro fell below the flag range against the US dollar. Theoretically, the first target is 25 points of the flag range. The first target was completed in the US market yesterday. If the exchange rate continues to fall, it will reach the second target around 1.1008. 

Pivot Indicator 

(EURUSD M30 Price Chart, Source: Ultima Markets APP) 

• According to the trading central in Ultima Markets APP, the central price of the day is established at 1.1075, 

• Bullish Scenario: Bullish sentiment prevails above 1.1075, first target 1.1095, second target 1.1115; 

• Bearish Outlook: In a bearish scenario below 1.1075, first target 1.1025, second target 1.1005. 

Conclusion 

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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.