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19.10.202010:15 Forex Analysis & Reviews: Technical analysis on the EUR/USD pair for this week (October 19-24, 2020)

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.

Trend analysis

The price from the level of 1.1716 (closing of the last weekly candle) may continue to pullback downward this week with the goal of 1.1669 - the pullback level of 74.6% (red dashed line). From this level, we can continue to decline with the goal of 1.1612 - the lower fractal (red dotted line). After testing this level, the price may begin to move upwards.

Exchange Rates 19.10.2020 analysis

Figure: 1 (weekly chart).

Comprehensive analysis:

- indicator analysis - down;

- Fibonacci levels - down;

- volumes - down;

- candlestick analysis - down;

- trend analysis - down;

- Bollinger lines - up;

- monthly chart - up.

A downward movement can be concluded based on the comprehensive analysis.

The overall result of the calculation of the candlestick of the EUR/USD pair on the weekly chart: this week, the price is likely to have a downward trend without the upper shadow in the weekly black candlestick (Monday - down) and with the lower shadow (Friday - up).

The first lower target of 1.1669 is a pullback level of 74.6% (red dotted line). When testing this level, we can further decline towards the goal of 1.1612 - the lower fractal (red dotted line).

An unlikely scenario: a decline from the level of 1.1716 (closing of the last weekly candle) with the goal of 1.1669 - a pullback level of 74.6% (red dotted line) is unlikely.

Stefan Doll
Analytical expert of InstaForex
© 2007-2024

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