empty
 
 
29.10.2018 09:39 AM
Technical analysis of EUR/USD for October 29, 2018

EUR/USD is challenging short-term resistance at 1.1420-1.1430. Price fell as low as 1.1335 last week and bounced back towards the 1.14 area. Trend remains bearish on a daily basis and we continue to see this upward move as a corrective bounce in a larger down trend.

This image is no longer relevant

Black dots - medium strength short-term resistance

Red dots - maximum strength short-term resistance

EUR/USD has resistance at 1.1420 and next at 1.1460. Support is at 1.1385 and next at 1.1335. Trend remains clearly bearish as price is making lower lows and lower highs. I continue to consider this bounce as part of a larger down trend that will eventually bring EUR/USD closer to 1.12. I favor this scenario as long as we trade below 1.1570-1.16.

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 $1000 more!
    In April we raffle $1000 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