Technical Analysis of EUR/USD for October 1, 2020

Technical Market Outlook:

The EUR/USD pair has bounced from the level of 1.1696 (low at the level of 1.1685) and is testing the short-term trend line resistance again. There is a 50% Fibonacci retracement level located at 1.1742 as well, so the breakout above this resistance cluster (Fibonacci, horizontal line and trend line) might be hard. Nevertheless, the next target for bulls is seen at the level of 1.1772 and 1.1790. The next target for bears is seen at the level of 1.1710 and 1.1696. Only a sustained breakout above the level of 1.1758 would put bulls back into control again. The weekly time frame trend remains up.

Weekly Pivot Points:

WR3 - 1.2011

WR2 - 1.1939

WR1 - 1.1752

Weekly Pivot - 1.1683

WS1 - 1.1498

WS2 - 1.1408

WS3 - 1,1239

Trading Recommendations:

On the EUR/USD pair the main trend is up, which can be confirmed by almost 10 weekly up candles on the weekly time frame chart and 4 monthly up candles on the monthly time frame chart. Nevertheless, weekly chart is recently showing some weakness in form of a several Pin Bar candlestick patterns at the recent top. This means any corrections should be used to buy the dips until the key technical support is broken. The key long-term technical support is seen at the level of 1.1445. The key long-term technical resistance is seen at the level of 1.2555.


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