Market outlook of EURUSD on Tuesday October 2023

Technical Analysis
EURUSD have big potential to buy around 1.05474. 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
As of October 10, 2023, the US Dollar Index (DXY), a measure of the value of the US dollar against a basket of six other major currencies, is trading at 112.65. This is its highest level since June 2002.

The strong US dollar has a number of implications for the US economy and the global economy. For the US economy, a strong dollar can make it more difficult for US exporters to compete in foreign markets. It can also make imported goods and services cheaper for US consumers, which can boost inflation.

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