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19.10.202017:32 Forex Analysis & Reviews: Short-term technical analysis of EURUSD for October 19, 2020

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EURUSD is bouncing higher after the back test of the broken trend line resistance. Price is approaching recent highs and important short-term resistance at 1.18. A sequence of higher highs and higher lows needs to be established in order for bulls to hope for a move towards 1.20-1.21.

Exchange Rates 19.10.2020 analysis

Red line -resistance trend line (broken)

Blue lines- expected path

Green line -support and pivotal level

EURUSD is moving higher at the start of this week. Resistance is found at recent highs at 1.18-1.830. Breaking above this level will open the way for a move towards 1.19. Support at 1.17 remains key. Breaking below this support level will open the way for a move towards 1.15-1.16. As long as price is above 1.17 bulls remain in control of the short-term trend hoping for the start of a new higher highs and higher lows sequence. Bears need to erase their hopes. To do this they will need to push price below 1.17.

Alexandros Yfantis
Analytical expert of InstaForex
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