EURUSD Stays Below 1.1650, Price Action Hampers Euro’s Rebound

Updated:

EURUSD Price Analysis – October 18

The EURUSD pair sought to recover from its 1.1571 low earlier in the day, but fell short at 1.1622, reverting to depths below the key 1.1650. In a larger sense, the pair is still unable to break above the October high of 1.1640. The rising attempts have been hampered by the risk-off market environment seen on Monday, with major European stock indexes in the red and Wall Street indecisive.

Key Levels
Resistance Levels: 1.1750, 1.1704, 1.1640
Support Levels: 1.1550, 1.1500, 1422
EURUSD Long term Trend: Bearish
The EURUSD gained traction on Monday after bulls paused at the 1.1618 mark the day before. A solid break above 1.1650 will pave the way for a bigger recovery and eliminate the current downside risk posed by weak daily momentum.

Additional gains must now exceed this area, as well as the immediate resistance line at level 1.1683, to permit a more durable recovery. The rally may continue to the next level of cluster resistance at 1.1704. It may continue to be the preferable scenario as long as the support level at 1.1525 maintains.
EURUSD Short term Trend: Ranging
The EURUSD’s intraday bias is unchanged, with the focus on the 1.1602 resistance turned support level. The decisive split will argue that the corrective downturn is over. The intraday bias will be switched to the upside for the re-test of the 1.1640 level.

The level of 1.1550, a support line from last week, is the first line of defense, followed by the level of 1.1525, a swing low reported earlier. The levels of 1.1640 and 1.1704 are the following lines to watch. The Relative Strength Index, on the other hand, is back at 60, indicating conditions past its midlines.

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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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.