Facebook
 
 

21.10.202009:23 外汇市场分析评论: Brief trading recommendations for EUR/USD on 10/21/20

Exchange Rates 21.10.2020 analysis

The upward movement of the price of the EUR/USD pair resumed yesterday, as a result of which the local high (1.1830) on October 9 was broken. Moreover, the euro got another chance to recover from the September decline – 1.2011 ---> 1.1612.

Here, several technical factors acted as trading signals of upward development. I suggest you consider the following:

1. The lack of price consolidation below the support level of 1.1700 and the local high of 1.1610, betrays buyers' confidence.

2. A price consolidation above the range level of 1.1810, which coincided with the local high (1.1830) on October 9, gives buyers confidence.

In regards with the quote's current location, you can see that the quote updated yesterday's high of 1.1840 during the Asian session, which favors long positions (buy positions).

The only thing that worries many traders is that we have had an almost vertical price movement since this week began. This can lead to overbought and a technical correction (1.1700 ----> 1.1850).

Based on the quote's location and the upward movement, we can consider trading forecasts from a number of possible market scenarios.

First scenario: Buyers' continuation of growth

Consistent growth can lead the quote to the area of 1.1870/1.1900, where there is a sharp stop and a volume reduction. But this scenario may affect the euro's price in terms of its weakening.

Second scenario: Overbought as a result

It was noted above that a rapid increase can lead to a technical pullback/correction, in this case, in the direction of the previously overcome level 1.1810.

Exchange Rates 21.10.2020 analysis

*这里的市场分析是为了增加您对市场的了解,而不是给出交易的指示。

Gven Podolsky,
分析专家
InstaForex集团 © 2007-2021
立即从分析师的建议受益
充值交易账户
开设交易账户

InstaForex分析评论将让您充分了解市场趋势! 作为InstaForex的客户,您将获得大量的免费服务以实现有效的交易。

现在无法通话?
提出您的问题,用 在线帮助.