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18.10.201811:13 Forex Analysis & Reviews: Technical analysis of EUR/USD for October 18, 2018

Long-term review
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 18.10.2018 analysis

Overview:

Pivot: 1.1497

The EUR/USD pair continues to rise from the level of 1.1497 in the long term. It should be noted that the support is established at the level of 1.1497 which represents the 38.2% Fibonacci retracement level on the H4 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the EUR/USD pair is showing signs of strength following a breakout of the highest level of 1.1569. So, buy above the level of 1.1569 with the first target at 1.1620 in order to test the daily resistance 2 and further to 1.1714. Also, it might be noted that the level of 1.1714 is a good place to take profit because it will form a double top. On the other hand, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.1497/1.1500 , a further decline to 1.1422 can occur which would indicate a bearish market.

Mourad El Keddani
Analytical expert of InstaForex
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