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23.10.201921:11 Forex Analysis & Reviews: October 23, 2019 : EUR/USD Intraday technical analysis and trade recommendations.

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 23.10.2019 analysis

Since September 13, the EUR/USD has been trending-down within the depicted short-term bearish channel until signs of trend reversal were demonstrated around 1.0880 (Inverted Head & Shoulders Pattern).

Shortly After, a bullish breakout above 1.0940 confirmed the mentioned reversal Pattern which opened the way for further bullish advancement towards (1.1000 -1.1020) maintaining bullish movement above the recent bullish trend.

Temporary bearish rejection and a sideway consolidation range were demonstrated after hitting the price zone of (1.1000 -1.1020) on October 7.

That's why, initial Intraday bearish pullback was demonstrated towards 1.0940-10915 where another bullish swing was initiated.

The intermediate-term outlook remains bullish as long as the EUR/USD pair pursues its current movement above 1.1060 (Nearest demand-zone).

Moreover, the recent bullish breakout above 1.1120 (100% Fibonacci Expansion) enhanced further bullish advancement towards the price zone of (1.1175-1.1195) where the current bearish pullback was recently originated.

Today, more bearish pullback will probably be expressed towards the depicted Keyzone (1.1090-1.1100) where the depicted uptrend line comes to meet the EUR/USD pair.

Trade recommendations :

Earlier this week, Intraday SELL entry was suggested around the price levels of (1.1175-1.1195). It's already running in profits. T/P levels to be located at 1.1120 while S/L should be lowered to 1.1165 to offset the associated risk.

Conservative traders should wait for further bearish pullback towards the depicted uptrend line (1.1090-1.1100) for a valid BUY entry.

Initial T/P levels to be projected towards 1.1195 while S/L should be placed below 1.1060.

Mohamed Samy
Analytical expert of InstaForex
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