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16.10.202013:54 Forex Analysis & Reviews: Evening review on October 16, 2020

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 16.10.2020 analysis

The downward breakdown of the EURUSD pair turned out to be false.

You may buy the euro from 1.1720.

It is possible to buy in case of a breakdown from 1.1760 with a stop at 1.1715.

There is no major news, but volatility may increase at 12:30 UTC.

The upward trend may continue with a potential target of up to 1.2450.

Jozef Kovach
Analytical expert of InstaForex
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