EDGE Chart of the Day – EURUSD- (October 10th, 2023)

<div><p><div><h2 itemprop="headline">EURUSD ready for recovery?</h2><div><div></div></div></div><br />
<section itemscope="itemscope" itemtype="https://schema.org/BlogPosting" itemprop="blogPost"><div itemprop="text"><p>A lot of times traders like to “assume” something is going to happen without having enough evidence. Them “front run” their own trade idea thinking they are confident they will be right. This is a good example of a pair that needs just a little more ev9idence that a turn is upon us. If you watched the <a href="https://www.youtube.com/watch?v=UUNcNjHbKiY">Week Ahead video, at the 17:15 mark</a>, I discussed the risk of the false breakdown last week which is building the case for a reversal higher. However, a move above the 1.0630 and channel resistance at the 1.0650 would be needed to feel comfortable about a bigger reversal higher in the EURUSD.</p>
<p><img decoding="async" fetchpriority="high" class="alignnone size-full wp-image-10855" src="https://www.forexanalytix.com/blog/wp-content/uploads/2023/10/EURUSD_2023-10-10_13-45-20.png" alt="" width="1467" height="839" srcset="https://www.forexanalytix.com/blog/wp-content/uploads/2023/10/EURUSD_2023-10-10_13-45-20.png 1467w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/10/EURUSD_2023-10-10_13-45-20-400×229.png 400w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/10/EURUSD_2023-10-10_13-45-20-800×458.png 800w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/10/EURUSD_2023-10-10_13-45-20-768×439.png 768w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/10/EURUSD_2023-10-10_13-45-20-705×403.png 705w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/10/EURUSD_2023-10-10_13-45-20-450×257.png 450w" sizes="(max-width: 1467px) 100vw, 1467px" /></p>
<p>Blake Morrow</p>
<p>Our EDGE <a href="https://www.forexanalytix.com/blog/category/technical-analysis/chart-of-the-day/">“Chart of the Day”</a> feature highlights standout technical analysis patterns and price moves. This type of analysis could be helpful if you are interested in our Trader Funding Program where you can also join an elite group of traders at Forex Analytix, <a href="https://traderfundingprogram.com/?ref=blake">click here to learn more</a>. Trade our money, take 75% of the gains and none of the risk.</p>
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</div></section></p></div><section itemscope="itemscope" itemtype="https://schema.org/BlogPosting" itemprop="blogPost"><div itemprop="text"><p>Steve Voulgaridis</p>
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