06.10.202018:18 Technical analysis of EURUSD

EURUSD is testing key resistance area that was once support. Bulls are challenging but there is no break out yet. Price is stuck below key resistance of 1.18-1.1820. As long as price stays below this area, the chances favor a rejection and pull back lower.

Exchange Rates 06.10.2020 analysis

Red rectangle -resistance

Green rectangle- support

EURUSD is back testing broken support from below. A rejection here and a move below 1.17 will open the way for a deeper pull back towards 1.15 and the green rectangle support area. If bulls manage to recapture 1.18-1.1820 then they could move towards 1.19. For now we prefer to wait and see if we get a rejection or a breakout.

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

Performed by Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2020
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