Sellers Restricted, as EURUSD Trends Cautiously and Slightly Higher

Sellers Restricted, as EURUSD Trends Cautiously and Slightly Higher

EURUSD Price Analysis – October 28

The EURUSD trends slightly higher after sellers were earlier restricted in today’s trading, but upward barriers remain with opportunity for sellers at a better price. Trading 26 pips higher after the open, the Euro was able to hold its gains as the upward momentum took control and may end the day higher than its opening price.

Key Levels

Resistance Levels: 1.1450, 1.1280, 1.1210

Support Levels: 1.1026, 1.0926, 1.0879

EURUSD Long term Trend: Bearish

In the daily picture, presently, a rebound from the level at 1.0879 is seen as a corrective pattern initially. Hence, the upside zone may be limited by the retracement of the level at 1.1450 to 1.0879.

Meanwhile, the bearishness from the level at 1.1450 (high) may resume at a later area. However, the perpetual break of the level at 1.1450 will alter this bearish view and bring a forceful advance to the retracement at 1.1450 and father beyond.

EURUSD Short term Trend: Bearish

The FX pair may test as near as likely towards the level at 1.1110 resistance level before retracement downwards. As it is, only a sustained breakout above the level at 1.1110 minor high may alter the negative intraday sentiment wrapped on the EURUSD.

The EURUSD current price is trending close to the minor technical support zone on the level at 1.1073. Although the pair is having a scenario that is ranging, this may just be a stall, as both the short and long-term outlook remains bearish.

Instrument: EURUSD
Order: Sell
Entry price: 1.1110
Stop: 1.1210
Target: 1.0879

Note: Learn2Trade.com 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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Author : Azeez Mustapha

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