Trading plan for EURUSD for October 20, 2021

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Technical outlook:

EURUSD seems to have carved an interim high around 1.1570 levels on Tuesday. The single currency pair has pulled back to 1.1645 mark at the time of writing and is expected to continue further. Intraday support is seen around 1.1570-90 levels, which is also close to the Fibonacci 0.618 retracement of the recent rally between 1.1524 and 1.1670 levels.

EURUSD had dropped below the November 2020 support around 1.1600 mark, and hence a corrective pullback/rally remains possible. Bottom line is that EURO should stay above 1.1524 level to keep its bullish structure intact. Immediate price resistance is at 1.1750, followed by 1.1850 and higher, while support comes in around 1.1500 levels respectively.

EURUSD might be working on its bearish boundary between 1.2266 and 1.1524 levels. The currency is targeting fibonacci 0.618 retracement of the above bearish boundary around 1.1950 mark. Bulls remain poised to be back in control from around 1.1570-90 mark, and push prices through 1..1900-1.2000 zone.

Trading plan:

Potential rally toward 1.1950 against 1.1500

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com

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