EURUSD Wave Analysis - 29 October 2026
Published on October 29, 2026
Market Overview
The EURUSD currency pair has shown a significant reversal from a key support level, indicating potential upward movement in the near future. As of the latest analysis, the pair is trading at 1.11369, reflecting a slight decrease of 0.14%.
Technical Analysis
Key Support and Resistance Levels
- Support Level: 1.1120
- Resistance Level: 1.1260
The EURUSD has reversed from the support zone around 1.1120, which previously halted a downward impulse wave in mid-October. This level is reinforced by the lower daily Bollinger Band and a support trendline from a down channel established in April.
Market Sentiment
The bullish divergence observed on the daily Stochastic oscillator suggests that the EURUSD is likely to continue its upward trajectory. The analysis indicates a probable rise towards the resistance level of 1.1260, which previously capped wave (2) in mid-October.
Conclusion
Given the strong support at 1.1120 and the bullish indicators, traders may consider buying the EURUSD with expectations of reaching the resistance level at 1.1260. This analysis highlights the importance of monitoring these key levels for potential trading opportunities.