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21.10.202007:20 Forex Analysis & Reviews: Technical Analysis of EUR/USD for October 21, 2020

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Technical Market Outlook:

The EUR/USD made a new local high at the level of 1.1849 (at the time of writing the analysis) after the level of 1.1822 was violated again. The next target for bulls is seen at the level of 1.1908 - 1.1914, but please notice the overbought market conditions on the H4 time frame that might result in a temporary pull-back towards the nearest technical support seen at 1.1790 - 1.1822 zone. The momentum remains strong and positive, so it supports the short-term bullish outlook for this pair.

Weekly Pivot Points:

WR3 - 1.1924

WR2 - 1.1873

WR1 - 1.1783

Weekly Pivot - 1.1733

WS1 - 1.1641

WS2 - 1.1593

WS3 - 1.1509

Trading Recommendations:

Since the middle of March 2020 the main trend is on EUR/USD pair has been up, which can be confirmed by almost 10 weekly up candles on the weekly time frame chart and 4 monthly up candles on the monthly time frame chart. Nevertheless, weekly chart is recently showing some weakness in form of a several Pin Bar candlestick patterns at the recent top seen at the level of 1.2004. This means any corrections should be used to buy the dips until the key technical support is broken. The key long-term technical support is seen at the level of 1.1445. The key long-term technical resistance is seen at the level of 1.2555.

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