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21.10.202013:23 Forex Analysis & Reviews: Trading plan for EURUSD for October 21, 2020

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Technical outlook:

EURUSD has retraced up to 1.1850/60 mark, of the entire drop between 1.2010 and 1.1610 respectively. The single currency is seen to be trading around 1.1857 at this point in writing and is expected to reverse lower soon. Immediate resistance is seen around 1.2010 while support is close to 1.1700 levels respectively. Also note that EURUSD has reached the fibonacci 0.618 retracement of its entire drop from 1.2010 through 1.1610 respectively. Probabilities for a bearish reversal remains high around the current zone 1.1850-1.1900 levels. Ideally, the single currency pair is expected to stay below 1.2010 handle and push towards 1.1167 mark, the previous support on daily chart view. Further, also note that fibonacci 0.618 retracement of the entire rally between 1.0636 and 1.2010 is also seen towards 1.1100/50 levels, hence a bullish reversal remains possible there.

Trading plan:

Remain short, stop @ 1.2010, target is open.

Good luck!

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