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22.10.202002:08 Forex Analysis & Reviews: European Central Bank levels for trading

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 1.1859 level is the starting point for making trading decisions this week and in the first half of the next. Today's consolidation above this level will allow you to continue to hold purchases that were opened earlier. Any decline can be considered as a correction, as the Bank's recent actions indicate support for the growth of the Euro exchange rate. The formation of a buy pattern should be considered below the level of 1.1859. This will allow you to open a profitable long position. The growth target may be a zone with an upper limit at 1.1986.

Exchange Rates 22.10.2020 analysis

Over the past four days, the pair has been growing. This indicates a large number of market buyers who are ready to enter transactions at unfavorable prices. Until the absorption pattern is formed on the daily period, it is unnecessary to talk about the cancellation of the upward momentum.

We will see an alternative option if today's trading closes below yesterday's opening. This will allow us to consider a decline to the lower banking zone, located above the level of 1.1732.

Exchange Rates 22.10.2020 analysis

Samanta Kruder
Analytical expert of InstaForex
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