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19.10.201812:53 Forex Analysis & Reviews: Intraday technical levels and trading recommendations for EUR/USD for October 19, 2018

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On the weekly chart, the EUR/USD pair is demonstrating a high-probability Head and Shoulders reversal pattern where the right shoulder is currently in progress.

On September 10, the price level of 1.1500 offered temporary bullish recovery. Quick bullish movement was demonstrated towards the upper limit of the price range (1.1750). However, the EUR/USD bulls failed to pursue towards higher bullish targets.

Instead, evident bearish momentum was being demonstrated on the daily chart. On October 10, recent bearish decline below 1.1520 found its way towards the price level of 1.1420.

However, last week, temporary bullish recovery around 1.1430 pushed the EUR/USD pair again above 1.1520 until yesterday when bearish breakdown of 1.1520 occurred again.

As for the bearish side of the market to remain dominant, the EUR/USD pair should achieve bearish breakdown below the price level of 1.1400.

The nearest demand level would be located around 1.1275.

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