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22.10.201907:58 Forex Analysis & Reviews: Trading plan for EUR/USD for October 22, 2019

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.

Exchange Rates 22.10.2019 analysis

Technical outlook:

The EUR/USD pair rallied to yet another peak yesterday (1.1180), taking out another resistance at 1.1165 levels. Looking at the wave structure and a rally between 1.0879 through 1.1180 levels, a meaningful retracement could be on the horizon soon. We have considered the entire boundary that can be retraced since upside seems to be limited to 1.1200 for now. A corrective drop towards the fibonacci support levels is seen as a high probable direction for now. The support zone begins from 1.1064 and extends up to 1.0994, which is between fibonacci 0.382 and 0.618 levels respectively. Further upside from the current price action always remains a possibility but it is safe to remain aside and wait for a corrective drop, before initiating long positions again. The corrective drop could be a flat or zigzag and the first leg is expected to find support around 1.1064 levels at least. We shall update the wave structure as the price action unfolds accordingly.

Trading plan:

Remain flat for now and await for a meaningful corrective drop.

Good luck!

Oscar Ton
Analytical expert of InstaForex
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