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In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of EURUSD for October 7, 2026.
Technical Analysis of EURUSD
EURUSD Daily Chart Insight
(EURUSD Daily Chart, Source: Ultima Markets MT5)
EURUSD remains under clear bearish pressure on the daily chart after the latest decline pushed price toward the 1.12340–1.12475 area. Price is trading below the red 16-period moving average (MA16), purple 50-period moving average (MA50), and blue 100-period moving average (MA100), while all three averages are tilted lower, reinforcing the broader bearish structure. The red MA16 has fallen particularly sharply and remains well below the longer averages, showing that sellers continue to hold the broader advantage.
RSI stands at 25.63, below the visible 30 threshold, suggesting downside momentum has become stretched as price attempts to stabilise near recent lows. A recovery above the nearby 1.12745 area would be an initial sign of relief, but stronger confirmation would require EURUSD to reclaim higher resistance around the declining MA16.
Key Levels:
Support 1 (1.12340–1.12475): The immediate base where price is currently attempting to stabilise following the latest decline.
Support 2 (around 1.11935): The next visible lower area near the recent daily swing low.
Resistance 1 (around 1.12745): The immediate upside barrier above the current consolidation.
Resistance 2 (around 1.13555): A higher resistance zone close to the declining red MA16.
Resistance 3 (around 1.15175): A major overhead area around the purple MA50 and blue MA100.
EURUSD 2-Hour Chart Analysis
(EURUSD 2-Hour Chart, Source: Ultima Markets MT5)
EURUSD is showing a short-term recovery on the 2-hour chart, but the broader intraday structure remains constrained by declining moving averages. Price has rebounded from the 1.11770 area and is now consolidating near 1.12471, around the red 16-period moving average (MA16) and purple 50-period moving average (MA50), while remaining below the falling blue 100-period moving average (MA100). The MA16 has begun turning higher following the rebound, but the MA50 and MA100 are still sloping downward, limiting confirmation of a broader reversal.
RSI stands at 52.50, reflecting neutral-to-mildly positive momentum after the recovery. With price stalling near the 1.12610 area, a sideways pause or temporary pullback remains possible before the next directional move develops.
Breakout Scenarios:
Bullish continuation is a possible scenario, triggered by a decisive break and hold above 1.12610. This could expose the 1.13030 area near the declining blue MA100 as the next visible resistance.
Bearish correction is also a possible scenario, triggered by a failure to hold 1.12400 followed by a decisive breakdown. This would place 1.12190 and then 1.11980 back in focus as downside support areas.
EURUSD Pivot Indicator
(EURUSD 30-Minute Chart, Source: Trading Central)
EURUSD is trading at 1.1258 on the 30-minute chart, above the main pivot at 1.1240, keeping the immediate bias mildly bullish. RSI is at 55.50, supporting positive momentum without approaching the visible 70 threshold. MACD remains close to the 0.00 line and has begun flattening, indicating that upside momentum is losing some strength as price consolidates. The market therefore retains a bullish preference above the pivot, although a clearer momentum expansion would be required to confirm another leg higher.
Bullish Breakout: The bullish preference remains active while EURUSD holds above 1.1240, with 1.1290 and 1.1301 as the first and second upside targets. Confirmation would be strengthened if RSI sustains its 55.50 reading or moves higher while MACD turns upward from the 0.00 line.
Bearish Rejection: A decisive break below 1.1240 would shift the immediate bias bearish, exposing 1.1220 and 1.1209 as the first and second downside targets. Confirmation would require RSI to fall from 55.50 toward the 30 threshold while MACD slips below the 0.00 line.
Disclaimer Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.
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