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28.10.202017:59 Forex Analysis & Reviews: October 28, 2020 : EUR/USD daily technical review and trade recommendations.

Exchange Rates 28.10.2020 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.

Two weeks ago, temporary breakout above 1.1750 was demonstrated as an indicator for a possible bullish continuation towards 1.1880. 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.

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

Recently, Two opportunities for SELL Entries were offered upon the recent upside movement towards 1.1880-1.1900. Both positions are already running in profits. Exit level should be lowered to 1.1820 to secure some profits

Trade Recommendations :-

Currently, the price zone of 1.1750-1.1780 remains a significant Resistance Zone to be watched during the upcoming upside pullback for a valid SELL Position. Initial bearish target would be located around 1.1720.

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

Mohamed Samy,
Analytical expert of InstaForex
© 2007-2022
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