23.10.202013:38 Forex Analysis & Reviews: October 23, 2020 : EUR/USD Intraday technical analysis and trade recommendations.

Exchange Rates 23.10.2020 analysis

In July, the EURUSD pair has failed to maintain bearish momentum strong enough to move below 1.1150 (consolidation range lower zone).

Instead, bullish breakout above 1.1380-1.1400 has lead to a quick bullish spike directly towards 1.1750 which failed to offer sufficient bearish pressure.

Bullish persistence above 1.1700 - 1.1760 favored further bullish advancement towards 1.1975 - 1.2000 ( upper limit of the technical channel ) which constituted a Solid SUPPLY-Zone offering bearish pressure.

Moreover, Intraday traders should have noticed the recent bearish closure below 1.1700. This indicates bearish domination on the short-term.

On the other hand, the EURUSD pair has failed to maintain sufficient bearish momentum below 1.1750. Instead, another bullish breakout was being demonstrated towards 1.1870.

As mentioned in previous articles, the price zone of 1.1870-1.1900 stands as a solid SUPPLY Zone corresponding to the backside of the broken channel if bullish pullback occurs again soon.

*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
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Can't speak right now?
Ask your question in the chat.