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29.10.202006:29 Forex Analysis & Reviews: Trading plan for EURUSD for October 29, 2020

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Technical outlook:

EURUSD reversed lower yesterday and print lows at 1.1717 levels before pulling back. The single currency is seen to be trading around 1.1752 levels at this point in writing and is expected to continue drifting lower. Immediate resistance stays around 1.1915, followed by 1.2010; while support comes at 1.1690, followed by 1.1610 levels respectively. Please note that EURUSD had earlier tested the fibonacci 0.618 retracement of the entire drop between 1.2010 and 1.1610 levels respectively. After finding resistance around 1.1880, it has been in control of bears and is expected to break below 1.1610 interim support in the next few trading sessions. The overall structure remains bearish in the medium term, until prices stay below 1.2010 resistance. EURUSD is expected to drop through 1.1150 levels, which is also fibonacci 0.618 support of the entire rally between 1.0636 and 1.2010 levels respectively.

Trading plan:

Remain short, stop at 1.2010, target is 1.1150

Good luck!

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