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Exchange Rates 10.10.2019 analysis

Technical Outlook:

The EUR/USD pair has eventually managed to take out its first major resistance at 1.1025 today. This was discussed earlier and did not come as a surprise to investors. A simple wave structure has been laid out here which suggests further upside towards 1.1075, going forward. The lows formed at near 1.0940 should serve as support now. The best case scenario suggests that the price stays above that. Please also note that 1.1075 is also resistance next in line, as labelled here. Once the price passes 1.1075 and subsequently 1.1110 levels, it would be a certain confirmation on the daily chart that EUR/USD has indeed formed meaningful lows at 1.0879 earlier. Besides, the wave structure would be of an impulse between 1.0879 and 1.1110 as we move forward. Trading point of view, it is still a safe strategy to remain long against 1.0940 now,

Trading plan:

Remain long against 1.0940 targeting 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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