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The EUR/USD pair has started an upward correction, and the reversal attempt has taken place at the September swing low a key support level . Moreover, the Double Bottom is forming on the D1 chart . This is a common reversal pattern when a sell climax typically leads to profit-taking.
The pair failed to breach the support level of 1.1622 after two re-tests. However, the bulls are hoping that the reversal will grow in to a swing up since the price broke the descending channel and is aiming for the October high and then above the September high. The US election will begin today. Therefore, it is impossible to predict market behavior due to potential volatility. From a technical point of view, it is possible for EUR/USD to test the next resistance at 1.170.
Long positions of the EUR/USD pair have become relevant at the moment since the price has closed above the descending trend line but without a bullish impulsive move. Moreover, a bullish divergence is formed indicating an upcoming reversal of the downtrend .
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