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Exchange Rates 09.10.2019 analysis

Technical outlook:

The EUR/USD pair had been flirting with the resistance line inside a range-bound trade for a while, before dropping off yesterday to a fibonacci support close to 1.0940 levels. The subsequent rally came in as no surprise and we can see the euro trading back into the buying zone of the dropping trend line connecting previous highs at 1.1075. The immediate outlook looks to be on the north side towards 1.1075, provided yesterday's lows hold. Going forward, resistance shall be faced at 1.1025 and 1.1075 while support stays at 1.0905, followed by 1.0879 respectively. Trading point of view, one could look to remain on the long side until prices stay above 1.0905 and subsequently above 1.0879. A break below could be of concern to the bullish setup, but should be short-lived.

Trading plan:

Remain long, stop at 1.0879, target 1.1075 and 1.1110

Good luck!

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

Performed by Oscar Ton,
Analytical expert
InstaForex Group © 2007-2019
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