19.10.202321:40 Forex Analysis & Reviews: Technical analysis on EUR/USD on October 19, 2023

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Overview :

The EUR/USD pair hit the weekly pivot point and resistance 1, because of the series of relatively equal highs and equal lows. But, the pair has risen down in order to top at the point of 1.0588. Hence, the major support was already set at the level of 1.0545.

Today, the EUR/USD pair has broken resistance at the level of 1.0588 which acts as support now. Thus, the pair has already formed major support at 1.0545.The strong support is seen at the level of 1.0545 because it represents the weekly support 1.

Equally important, the RSI and the moving average (100) are still calling for an uptrend. Therefore, the market indicates a bullish opportunity at the level of 1.0600 in the H1 chart.

Also, if the trend is buoyant, then the currency pair strength will be defined as following: EUR is in an uptrend and USD is in a downtrend. Buy above the major support of 1.0545 (this price is coinciding with the ratio of 50% Fibonacci) with the first target at 1.0640 , and continue towards 1.0675 (the weekly resistance 1).

On the other hand, if the price closes below the support (1.0545 ), the best location for the stop loss order is seen below 1.0545; hence, the price will fall into the bearish market in order to go further towards the strong support at 1.0494 to test it again. Furthermore, the level of 1.0450 will form a double bottom.

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