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.
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.
Entry price: 1.1026
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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.