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28.10.202012:58 Forex Analysis & Reviews: Technical analysis of EUR/USD for October 28, 2020

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Overview :

The EUR/USD pair continues to move downwards from the level of 1.1807. Today, the first support level is currently seen at 1.1743, the price is moving in a bearish channel now.

Furthermore, the price has set below the strong resistance at the level of 1.1784, which coincides with the 50% Fibonacci retracement level. This support has been rejected three times confirming the veracity of an uptrend.

According to the previous events, we expect the GBP/USD pair to trade between 1.1784 and 1.1688. So, the support stands at 1.1688, while daily resistance is found at 1.1784.

Therefore, the market is likely to show signs of a bearish trend around the spot of 1.1734. In other words, sell orders are recommended below the area of 1.1734 with the first target at the level of 0.6703; and continue towards 1.1688.

This is confirmed by the RSI indicator signaling that we are still in the bearish trending market. Now, the pair is likely to begin an dscending movement to the point of 1.1688 and further to the level of 1.1607.

However, if the NZD/USD pair fails to break through the support level of 1.1688 today, the market will climb further to 1.1881.

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