Based on the EUR/USD chart, the market is preparing for an interesting adjustment as a butterfly pattern emerges.
Key support levels at 1.09073 and 1.07803 suggest that prices may continue rising toward the strong resistance at 1.09915.
However, this is a sensitive area, and if the price fails to break through, a sharp drop back to lower support levels may occur.
Traders should take note that the EMA is playing a significant role as dynamic support, and a breakout below this level could lead to a deeper decline. The support area at 1.07803 may offer attractive buying opportunities if the price recovers from here.
The ECB’s interest rate decision, scheduled for October 17, may involve a cut of up to 0.50% if the Eurozone's economic data weakens. This has drawn significant attention from EUR/USD traders, as it could create substantial market volatility.
In the news: The ECB's interest rate decision is expected on October 17, with potential for a 0.50% rate cut depending on the Eurozone's economic data. This is gaining significant attention among EUR/USD traders, as it could drive considerable market movement.