EURUSD Price Analysis – October 19
Following a recent drop to the 1.1690/80 bands, EURUSD trades at a striking range from the main barrier at 1.18 area, where some firm friction appears to have emerged. EURUSD rediscovers buyer attention in the vicinity of the mid 1.1700 level as the upside impetus picks up pace. More than COVID-19 cases in Europe and concerns expressed by ECB President Lagarde, the US stimulus deal weighs on the safe-haven dollar.
Key Levels
Resistance Levels: 1.2011, 1.1917, 1.1807
Support Levels: 1.1612, 1.1422, 1.1350
Looking at the wider scenario, it is predicted that the bullish view on EURUSD will remain unchanged as long as the pair trades beyond the ascending trendline at the level of 1.1685 today. EURUSD is attempting a horizontal resistance level at 1.1807. The RSI indicator signals a further increase as the midpoint has just been crossed.
The increase from the 1.0635 level is seen as the third phase of the trend from the 1.0339 (low) level in the larger sense. A further increase in the rally to cluster resistance at the next level of 1.2150 should be seen. It might remain the preferred case as long as the level of resistance transformed to 1.1422 support holds.
EURUSD’s breach of the minor resistance level of 1.1725 weakens the initial bearish perspective and implies that the recovery from the level of 1.1612 has not yet been concluded. For the 1.1830 level first, intraday bias is back on the upside.
The breach may open the path for the 4-hour time frame to re-test the 1.2011 level. On the downside, the correction from 1.2011 level through 1.1612 level to 38.2 percent retracement from 1.0635 to 1.2011 at 1.1495 level should be extended below the 1.1685 level.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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