20.10.202308:53 Forex Analysis & Reviews: Technical Analysis of EUR/USD for October 20, 2023

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Technical Market Outlook:

The EUR/USD pair has been seen coming off the local high located at the level of 1.0595, but still trades between the 100 and 50 moving averages. The nearest technical support is seen at the level of 1.0555 and the nearest technical resistance is located at the level of 1.0595. The next target for bears is the technical support located at the level of 1.0496 and 1.0483, but in order to do this, they need to break out below the trend line support. If the latter is violated, then the key short-term technical support located at the level of 1.0449 would be exposed for the test.

Weekly Pivot Points:

WR3 - 1.05460

WR2 - 1.05343

WR1 - 1.05298

Weekly Pivot - 1.05226

WS1 - 1.05181

WS2 - 1.05109

WS3 - 1.04992

Trading Outlook:

Since the beginning of October 2022 the EUR/USD is in the corrective cycle to the upside, but the main, long-term trend remains bearish. This corrective cycle was terminated at the level of 1.1286 which is 61% Fibonacci retracement level and the market reversed lower. The intermediate down move is 12 weeks long now and there is no indication if the down move termination yet. There is still a room to the downside on the RSI indication on the weekly time frame as well.

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