23.10.202012:34 Forex Analysis & Reviews: EUR/USD Strongly Bullish

Exchange Rates 23.10.2020 analysis

EUR/USD is traded at 1.1846 level and it seems strong enough to reach new highs soon. I've told you in my previous analysis that the pair should climb higher again after retesting the 1.17 psychological level and the former downtrend line.

The pair is growing within an up channel, so the bias will remain bullish, EUR/USD could increase further as long as the price is located within this channel. An upside breakout above the channel's upside line and above 1.19 suggest buying again as the pair will continue to increase.

  • EUR/USD Trading Tips

EUR/USD has decreased a little after reaching the channel's upside line, but this could be only a temporary decline before the price will reach another high. So, a further increase followed by a breakout above the 1.19 level and above the upside line brings us a buying opportunity.

An upside breakout could signal an aggressive and quick rally, growth in the short term. 1.2 psychological level is seen as the first upward target. Passing above this upside obstacle will really validate a broader upside movement.

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

Ralph Shedler,
Analytical expert
InstaForex Group © 2007-2020
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