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23.10.202007:24 Forex Analysis & Reviews: Trading plan for EURUSD for October 23, 2020

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Technical outlook:

EURUSD may resume the downward movement after having hit 1.1870/80 high early this week. The single currency had dropped through the 1.1786 level yesterday before pulling back to 1.1800 handle. It is expected to decline after a shallow pullback towards the 1.1830/50 levels. The euro had reached Fibonacci 0.618 retracement of the entire drop between 1.2010 and 1.1610 levels respectively; and reversed lower from there. Looking at the wave structure, EURUSD should continue to push lower and drop below 1.1610 over the near term. Immediate resistance is intact around 1.2010, while interim support is seen towards 1.1610. EURUSD bears might be looking to drag lower through 1.1100 levels, which is Fibonacci 0.618 retracement of the entire rally between 1.0636 and 1.2010 respectively.

Trading plan:

Remain short, stop @ 1.2010, target is 1.1100/50

Good luck!

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