empty
 
 
21.10.2019 05:17 PM
October 21, 2019 : EUR/USD Intraday technical analysis and trade recommendations.

This image is no longer relevant

Since September 13, the EUR/USD has been trending-down within the depicted short-term bearish channel until signs of trend reversal were demonstrated around 1.0880 (Inverted Head & Shoulders Pattern).

Shortly After, a bullish breakout above 1.0940 confirmed the mentioned reversal Pattern which opened the way for further bullish advancement towards (1.1000 -1.1020) maintaining bullish movement above the recent bullish trend.

Temporary bearish rejection and a sideway consolidation range were demonstrated after hitting the price zone of (1.1000 -1.1020) on October 7.

That's why, initial Intraday bearish pullback was demonstrated towards 1.0940-10915 where another bullish swing was initiated.

The intermediate-term outlook remains bullish as long as the EUR/USD pair pursues its current movement above 1.0990 (Last Prominent Bottom).

Moreover, the recent bullish breakout above 1.1120 (100% Fibonacci Expansion) enhanced further bullish advancement towards the price zone of (1.1175-1.1195) where early signs of bearish rejection is currently being demonstrated.

That's why, a bearish pullback will probably be expressed towards the depicted Keyzone (1.1090-1.1120) where another valid BUY entry can be offered.

Trade recommendations :

Intraday traders can have a valid SELL entry around the current price levels (1.1175-1.1195).

T/P levels to be located at 1.1135 and 1.1120. S/L should be placed above 1.1195.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback