Market outlook of eurusd on Friday October 2023

Technical Analysis
EURUSD have big potential to buy around 1.05326. 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
The US dollar is currently in a strong position. The US dollar index (DXY), which measures the value of the US dollar against a basket of six foreign currencies, is at its highest level since 2002. There are a number of factors contributing to the strength of the US dollar, including:

Rising interest rates in the US. The Federal Reserve has been raising interest rates in an effort to combat inflation. This has made US assets more attractive to investors, which has boosted demand for US dollars.

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