EURUSD Bullish Momentum Fades in the near Term After Hitting the Level at 1.1178

EURUSD Bullish Momentum Fades in the near Term After Hitting the Level at 1.1178

EURUSD Price Analysis – October 21

The EURUSD is trending below the horizontal zone at 1.1178 after losing some bullish momentum, earlier in the session the pair had attempted to push past the level at 1.1178 while recording the highest price in 5 weeks.

Key Levels

Resistance Levels: 1.1450, 1.1280, 1.1210

Support Levels: 1.1114, 1.1000, 1.0879

EURUSD Long term Trend: Bullish

On the daily after hitting the horizontal zone on the level at 1.1178, the FX pair is losing some bullish momentum however in the long term a rebound from the level at 1.0879 is seen as a corrective move first.

Meanwhile, the consecutive fall from 1.1412 (high) would resume at a later stage. However, a sustained break of the level at 1.1450 may erase its bearish outlook and bring a stronger rise past the level at 1.1450 and beyond.

EURUSD Short term Trend: Bullish

The continuous advance from the level at 1.0879 is in progress for the test of the level at 1.1412 key resistance next.

However, on the downside, below the level at 1.1114 minor support may likely turn intraday bias neutral and bring consolidations first, before the resumption of another rally. As at present, the EURUSD displays strength in the short-term bolstered by its long-term uptrend.

Instrument: EURUSD
Order: Buy
Entry price: 1.1114
Stop: 1.1000
Target: 1.1210

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