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29.10.201908:10 Forex Analysis & Reviews: Technical analysis of EUR/USD for 29/10/2019

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.

Technical Market Overview:

The bulls on EUR/USD pair are trying to get back into the ascending channel after the level of 1.1075 provided some king of bounce. This level is the technical support for the bulls, so any violation of this level will open the road towards the next technical support locates at the level of 1.1024. The volatility has slightly increased and the bearish activity is more visible. The market is still trading inside of the channel, the momentum is now slightly negative, but there is still a chance for another leg up after the correction is completed.

Weekly Pivot Points:

WR3 - 1.1242

WR2 - 1.1207

WR1 - 1.1134

Weekly Pivot - 1.1103

WS1 - 1.1028

WS2 - 1.0992

WS3 - 1.0922

Trading Recommendations:

The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. The downtrend is valid as long as it is terminated or the level of 1.1445 clearly violated. There is an Ending Diagonal price pattern visible on the larget timeframes that indicate a possible downtrend termination soon. The key short-term levels are technical support at the level of 1.0999 and the technical resistance at the level of 1.1267.

Exchange Rates 29.10.2019 analysis

Sebastian Seliga
Analytical expert of InstaForex
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