EURUSD London briefing — 2026-10-05

BIAS BEARISH. D1 + H4 + H1 EMAs aligned downtrend, RSI deep oversold at 28.93, H4 and H1 fair value gaps all pointing lower. KEY LEVELS R: 1.12, 1.125, 1.16538 | S: 1.11617, 1.115, 1.11 NEWS 🟡 ECB Nagel speech 07:45 UTC 🟡 ECB Lane speech 08:00 UTC 🟡 HCOB Composite PMI 08:00 UTC SESSION OUTLOOK ECB speakers and PMI data arrive early London. Watch for volatility spikes; bearish structure may extend if data misses or hawkish tone dominates.

Key Levels

R: 1.12000 · 1.12500 · 1.16538

S: 1.11617 · 1.11500 · 1.11000