EURUSD Trading Within Channel Boundary on Support and Resistance Zones

EURUSD Price Analysis – October 14

Despite trading higher for 3 days in a row and closing last week higher on the level at 1.1062, the EURUSD has retraced from its highs in the present session while currently trading on price level at 1.1025.

Key Levels

Resistance Levels: 1.1412, 1.1280, 1.1109

Support Levels: 1.1000, 1.0962, 1.0879

EURUSD Long term Trend: Bearish

On the daily, the EURUSD price is trading close to the key technical support turned resistance level at 1.1026. After spiking up to the level at 1.1042 during the day, the FX pair retraced to retest the level at 1.1026.

In the longer term, the downtrend from the level at 1.1412 (high) is still in progress. And the prior session rejection of the horizontal resistance zone on the level at 1.1062 also maintained its bearishness.

EURUSD Short term Trend: Ranging

Taking a look at the 4-hour chart above, the EURUSD was surging and at some point broke downwards after trading off the resistance turned support area on the level at 1.1026.

As for the session, we see no change in EURUSD’s trend as the corrective recovery from the level at 1.0879 may still extend. But the upside should be limited by the level at 1.1109 resistance to bring down trend resumption.

Instrument: EURUSD
Order: Sell
Entry price: 1.1026
Stop: 1.1109
Target: 1.0879

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