Market outlook of eurusd on wednesday october 2023

Technical Analysis
EURUSD have big potential to buy around 1.04547. This particular area have big resistance or rejection from the previous level higher time frame, it means lots of sellers took profit and buyers decided to involve in. Based on volume indicator the momentum for sellers is weakening

Fundamental Analysis
On Tuesday, October 3, 2023, the US dollar was strong against most major currencies. The dollar index, which measures the value of the dollar against a basket of six foreign currencies, rose 0.3% to 110.80.

The dollar's strength was supported by a number of factors, including:

Rising US Treasury yields. Treasury yields have been rising in recent months as investors anticipate further interest rate hikes from the US Federal Reserve. Higher Treasury yields make US dollar assets more attractive to investors.
A strong US economy. The US economy is expected to grow at a healthy pace in 2023, which is another factor that is boosting demand for the US dollar.
Weakness in other currencies. Some other major currencies, such as the euro and the Japanese yen, have been weakening against the US dollar in recent months. This is due to a number of factors, including concerns about a potential recession in Europe and weakness in the Japanese economy.

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