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23.10.201921:11 Forex Analysis & Reviews: October 23, 2019 : EUR/USD Intraday technical analysis and trade recommendations.

Essas informações são fornecidas a clientes profissionais e de varejo como parte da comunicação de marketing. Elas não contêm e não devem ser interpretadas como consultoria, recomendação de investimento ou uma oferta ou solicitação para se envolver em qualquer transação ou estratégia em instrumentos financeiros. O desempenho passado não é uma garantia ou previsão de desempenho futuro. A Instant Trading EU Ltd. não se responsabiliza pela exatidão ou integridade das informações fornecidas, ou por qualquer perda decorrente de qualquer investimento com base em análises, previsões ou outras informações fornecidas por um funcionário da Empresa, ou de outra forma. O termo de responsabilidade completo está disponível aqui.

Exchange Rates 23.10.2019 analysis

Since September 13, the EUR/USD has been trending-down within the depicted short-term bearish channel until signs of trend reversal were demonstrated around 1.0880 (Inverted Head & Shoulders Pattern).

Shortly After, a bullish breakout above 1.0940 confirmed the mentioned reversal Pattern which opened the way for further bullish advancement towards (1.1000 -1.1020) maintaining bullish movement above the recent bullish trend.

Temporary bearish rejection and a sideway consolidation range were demonstrated after hitting the price zone of (1.1000 -1.1020) on October 7.

That's why, initial Intraday bearish pullback was demonstrated towards 1.0940-10915 where another bullish swing was initiated.

The intermediate-term outlook remains bullish as long as the EUR/USD pair pursues its current movement above 1.1060 (Nearest demand-zone).

Moreover, the recent bullish breakout above 1.1120 (100% Fibonacci Expansion) enhanced further bullish advancement towards the price zone of (1.1175-1.1195) where the current bearish pullback was recently originated.

Today, more bearish pullback will probably be expressed towards the depicted Keyzone (1.1090-1.1100) where the depicted uptrend line comes to meet the EUR/USD pair.

Trade recommendations :

Earlier this week, Intraday SELL entry was suggested around the price levels of (1.1175-1.1195). It's already running in profits. T/P levels to be located at 1.1120 while S/L should be lowered to 1.1165 to offset the associated risk.

Conservative traders should wait for further bearish pullback towards the depicted uptrend line (1.1090-1.1100) for a valid BUY entry.

Initial T/P levels to be projected towards 1.1195 while S/L should be placed below 1.1060.

Mohamed Samy
Analytical expert of InstaForex
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