For Traders

Analytical Reviews

Technical analysis

20.10.202114:43 Forex Analysis & Reviews: Short-term technical analysis on EURUSD for October 20, 2021.

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.

EURUSD is pulling back and trading around 1.1640. Price recently got rejected at the 1.1670 price level where important Fibonacci resistance was found. Price remains in a short-term bullish trend. EURUSD is expected to resume its upward move and eventually break above 1.1670.

Black lines - Fibonacci retracement levels

Blue line- support trend line

EURUSD is making higher highs and higher lows. It is important for the bulls to defend the blue trend line and stay above it. Resistance is at the 38% Fibonacci retracement and recent high. Breaking above this level is expected to happen over the coming days, as long as price holds above 1.16. In the near term we could see price move lower towards the blue trend line and test it. I expect this trend line to hold and price to resume its up trend. Breaking above 1.1670 would be a new bullish signal and will give me 1.1717 as the next target.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.