29.10.202015:53 Analytische Bewertungen Forex: October 29, 2020 : EUR/USD daily technical review and trade recommendations.

Exchange Rates 29.10.2020 analysis

Two weeks ago, temporary breakout above 1.1750 was demonstrated within the depicted ascending channel. This indicated high probability of bullish continuation towards 1.1880. However, downside pressure pushed the EUR/USD pair towards 1.1700 where significant BUYING Pressure Existed. This was followed by a quick upside movement towards 1.1880-1.1900.

The price zone around 1.1880-1.1900 constituted a KEY Price-Zone as it corresponded to the backside of the depicted broken ascending channel.

The Recent Upside breakout above 1.1780 allowed the price levels around 1.1880-1.1900 to be tested where significant bearish pressure and a reversal Head & Shoulders pattern were demonstrated.

Recently, Two opportunities for SELL Entries were offered upon the recent upside movement towards 1.1880-1.1900. Both positions are already running in profits. Exit level should be lowered to 1.1750 to secure more profits.

Trade Recommendations :-

Currently, the price zone of 1.1740-1.1780 stands as a significant Resistance-Zone to be watched during any upcoming upside pullback for a valid SELL Position. Initial bearish target would be located around 1.1720 and 1.1690

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Viele Grüße,
Analytiker: Mohamed Samy
InstaForex © 2007-2020
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Können Sie momentan nicht telefonieren?
Dann stellen Sie Ihre Frage im Chat.