For Traders

Analytical Reviews

Technical analysis

22.10.202108:47 Forex Analysis & Reviews: EURUSD could see 1.17 soon

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

EURUSD is trading in a short-term bullish trend making higher highs and higher lows. Yesterday and today price has pulled back towards the support trend line at 1.1620 level and so far it seems that bulls have managed to defend it successfully. As long as price is above 1.1620 we remain optimistic that in the near term we will at least see a move towards 1.17 and higher.

Black lines - Fibonacci retracement levels

Blue line- short-term support trend line

EURUSD has so far retraced 38% of the entire decline from 1.1910. I believe that more upside should be expected and EURUSD could retrace at least the 50% of the entire decline. Resistance is at recent highs of 1.1670. Support is being tested now at 1.1620. At current levels I prefer to be bullish looking for a move at least towards 1.1670. Failure to hold above 1.1620 could bring added weakness to EURUSD with potential target the 1.1580 level.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.