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06.10.202018:18 Forex Analysis & Reviews: Technical analysis of EURUSD

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EURUSD is testing key resistance area that was once support. Bulls are challenging but there is no break out yet. Price is stuck below key resistance of 1.18-1.1820. As long as price stays below this area, the chances favor a rejection and pull back lower.

Red rectangle -resistance

Green rectangle- support

EURUSD is back testing broken support from below. A rejection here and a move below 1.17 will open the way for a deeper pull back towards 1.15 and the green rectangle support area. If bulls manage to recapture 1.18-1.1820 then they could move towards 1.19. For now we prefer to wait and see if we get a rejection or a breakout.

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