Technical Analysis
16.10.2020, 11:17

EUR / USD is trading slightly above a two-week low

Today, the EUR/USD pair is trading mainly with growth in the range of $1.1695-$1.1730, after falling yesterday to a two-week low of $1.1690. On the hourly chart, the pair remains below the moving average line MA (200) H1 ($1.1760) and on the four-hour chart below MA (200) H4 ($1.1775). If the pair gains a foothold below these levels, a new downtrend is likely to start forming. Until this happens, it may be worth sticking to the North direction in trading, and at the end of the correction, you should look for exit points to buy. The most likely range of price movement today may be hidden within the range of $1.1690-1.1770.


Resistance levels are at:  $1.1730, $1.1760-70, $1.1830

Support levels are at: $1.1690-1.1700, $1.1610, $1.1540


The main scenario for promoting the pair  - breaking the session high of $1.1730 and rising to $1.1760-70 (October 14 high, MA (200) H1)

An alternative scenario - if the $1.1690-1.1700 area breaks (September 30 and October 15 lows), the pair may decline to $1.1610 (September 25 lows).

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