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17.10.201915:38 Forex Analysis & Reviews: EUR/USD for October 17,2019 - New momentum high on MACD, more upside yet to come

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EUR/USD has been trading upwards with the strong momentum. The price tested the level of 1.1139. In the background there is the breakout of the falling wedge, which caused the buyers to join demand.

Orange rectangle – Important resistance levels

Falling purple lines – Broken falling wedge

Purple rising line – Expected path

Based on the daily time-frame, there is new momentum up on the MACD oscillator, which is strong sign that momentum is strongly on the upside. There is nothing to worry buyers at this point due to bullish trend in place and the momentum on the upside. Important support levels to watch set at 1.1102 and 1.1085. Resistance levels are seen at the price of 1.1160 and 1.1240. Watch for buying opportunities on the dips.

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