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24.10.201607:45 Forex Analysis & Reviews: EUR/USD Technical Analysis for October 24, 2016.

Long-term review

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Technical outlook and chart setups:

The EUR/USD pair prints yet another low at 1.0859 levels last week before pulling back. The pair is seen to be trading at 1.0870 levels for now and needs to push through 1.1040 levels to confirm further upside or to complete retracement. Please note that probability remains for a surprise pullback rally since smaller time frames are showing bullish divergences since last week. The pair is expected to rally and take out 1.1040 levels to confirm that bulls are here to remain longer and extend rally through 1.1100 levels or it would be a 4-wave retracement. Please note that 1.1100 levels would provide stiff resistance if prices manage to reach there since it is fibonacci 0.618 resistance of the entire drop between 1.1234 through 1.0895 levels. Looking at the wave structure, the pair looks to be preparing to push higher towards 1.1040 and 1.1100 levels. It is recommended to remain flat for now and look for further evidence for a bottom formation. Immediate resistance is seen at 1.1040 levels, while support is seen at 1.0850 levels respectively.

Trading recommendations:

Remain flat for now.

Good luck!

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