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21.10.201913:34 Forex Analysis & Reviews: Technical analysis of EUR/USD for October 21, 2019

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Overview:

The EUR/USD pair is consolidating the weekly gains above the 1.1127 support as bears remain in control.

So, the major support has already set at the level of 1.1127 which coincides withe the ratio of 78% Fibonacci retracement levels.

The Euro is trading above the main EMAs, suggesting bullish momentum in the near term. Support is seen at the 1.1127 zone and the 1.1089 price level.

The price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 1.1127. This support has been rejected several times confirming the veracity of a uptrend.

Amid the previous events, the price is still moving between the levels of 1.1127 and 1.1218.

Additionally, the RSI starts signaling an upward trend. As a result, if the EUR/USD pair is able to break out the first resistance at 1.1180, the market will riase further to 1.1218 in order to test the weekly resistance 2.

Consequently, the market is likely to show signs of a bullish trend. Hence, it will be good to buy above the level of 1.1127 with the first target at 1.1180 and further to 1.1218. However, stop loss is to be placed below the level of 1.1089.

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