For Traders

Analytical Reviews

Technical analysis

16.10.202014:31 Forex Analysis & Reviews: Technical analysis of EURUSD

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.

EURUSD has back tested the broken trend line resistance at 1.1690 and is now bouncing higher. What could this mean? What can we expect next from EURUSD? One thing is for sure. Next week I expect volatility to rise.

Red line -resistance (broken)

Green rectangle -support

Blue line- price projection path

EURUSD has broken the resistance trend line but pulled back right above for a back test. The green rectangle is at recent higher lows and is key support. For a bullish move towards 1.19 to be achieved, EURUSD needs to hold above 1.1690 support. Next resistance that needs to be broken is at 1.1770. As long as price holds above 1.1690 we expect to see price move higher.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.