Market Outlook of EURUSD on Tuesday October 2023

Technical Analysis
EURUSD have big potential to sell around 1.05333. This particular area have big resistance or rejection from the previous level higher time frame, it means lots of buyers took profit and sellers decided to involve in. Based on volume indicator the momentum for sellers is weakening

Fundamental Analysis
The US dollar is the world's reserve currency, meaning that it is the most widely used currency in international trade and finance. As such, the economic condition of the US dollar is closely watched by investors and policymakers around the world.

Today, the US dollar is strong. The US Dollar Index (DXY), which measures the value of the US dollar against a basket of six other major currencies, is currently trading at around 113. This is a significant increase from its level at the beginning of the year, when it was trading at around 96.

 DISCLAIMER:The information on this analysis is based on research and experience, and it is not guaranteed to be accurate or complete