23.10.202013:34 Forex Analysis & Reviews: October 23, 2020 : EUR/USD daily technical review and trade recommendations.

Exchange Rates 23.10.2020 analysis

On September 25, The EURUSD pair has failed to maintain enough bearish momentum to enhance further bearish decline.

Instead, recent ascending movement has been demonstrates within the depicted movement channel leading to bullish advancement towards 1.1750-1.1780 which failed to offer sufficient bearish pressure in the first attempt.

Last week, temporary breakout above 1.1750 was demonstrated as an indicator for a possible bullish continuation towards 1.1880 where the upper limit of the movement channel comes to meet the pair. However, temporary downside pressure pushed the EUR/USD pair towards 1.1700. This is where the previous bullish spike was initiated.

Currently, the price zone around 1.1880-1.1900 constitutes a KEY Price-Zone as it corresponds to the backside of the depicted broken ascending channel.

The recent Upside breakout above 1.1780 enabled further advancement towards the price levels around 1.1880-1.1900 where bearish pressure and a reversal Head & Shoulders pattern were demonstrated.

Trade Recommendations :-

Earlier This Week, A valid SELL Entry was anticipated upon the recent upside movement towards 1.1880. Suggested Bearish target around 1.1780 was almost reached by the end of Yesterday.

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

Mohamed Samy,
Analytical expert
InstaForex Group © 2007-2020
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