empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

29.10.202008:46 Forex Analysis & Reviews: Indicator analysis. Daily review on EUR/USD for October 29, 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.

The pair resumed its downward movement yesterday. While moving down, the price broke through the support line - 1.1750 (white bold line) and tested the pullback level of 61.8% - 1.1715 (red dotted line). As per the economic calendar, euro news is expected at 08.55, 12.45, and 13.30 UTC, while dollar news is expected at 12.30 and 14.00 UTC. It is possible to recoil the work upwards.

Trend analysis (Fig. 1).

Today, the market may start moving up from the level of 1.1745 (closing of yesterday's daily candlestick) with the goal of 1.1807, which is a pullback level of 50.0% (blue dotted line). When testing this level, further work up with the goal of 1.1853, which is a pullback level of 61.8% (blue dotted line). Much will depend on the news (12:45 and 13:30 UTC).

Exchange Rates 29.10.2020 analysis

Figure 1 (Daily chart)

Comprehensive analysis:

  • Indicator analysis - up
  • Fibonacci levels - up
  • Volumes - down
  • Candlestick analysis - up
  • Trend analysis - up
  • Bollinger bands - down
  • Weekly chart - down

General conclusion:

Today, the market from the level of 1.1745 (closing of yesterday's daily candlestick) may begin moving up with the goal of 1.1807, which is a pullback level of 50.0% (blue dotted line). When testing this level, further work up with the goal of 1.1853, which is a pullback level of 61.8% (blue dotted line).

Alternative scenario: from the level of 1.1745 (closing of yesterday's daily candle), the price may start moving up with the target of 1.1757, which is the resistance line (white bold line). When testing this line, further work downward with the goal of 1.1715, which is a pullback level of 61.8% (red dotted line).

Stefan Doll
Analytical expert of InstaForex
© 2007-2024

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.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off