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22.10.202109:52 Forex Analysis & Reviews: Technical Analysis of EUR/USD for October 22, 2021

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.

Technical Market Outlook:

After the EUR/USD pair has been seen testing the key short-term supply zone located between the levels of 1.1648 - 1.1665 the pair had been locked inside of a narrow consolidation zone located between the levels of 1.1624 - 1.1669. In a case of a failure to break through the supply zone, there is a possible down move continuation towards the level of 1.1624 (technical support) or 1.1572 (the key short-term technical support). Despite the overbought market conditions the momentum remains strong and positive, so it supports the short-term bullish outlook as well.

Weekly Pivot Points:

WR3 - 1.1742

WR2 - 1.1684

WR1 - 1.1640

Weekly Pivot - 1.1582

WS1 - 1.1545

WS2 - 1.1479

WS3 - 1.1445

Trading Outlook:

The market is in control by bears that pushed the prices towards the level of 1.1562, which is the lowest level since November 2020. The next target for bears is seen at the level of 1.1497. The up trend can be continued towards the next long-term target located at the level of 1.2350 (high from 06.01.2021) only if bullish cycle scenario is confirmed by breakout above the level of 1.1909 and 1.2000.

Exchange Rates 22.10.2021 analysis

Sebastian Seliga
Analytical expert of InstaForex
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