30.10.202017:09 Forex Analysis & Reviews: October 30, 2020 : EUR/USD daily technical review and trade recommendations.

Exchange Rates 30.10.2020 analysis

Two weeks ago, temporary breakout above 1.1750 was demonstrated within the depicted ascending channel. This indicated high probability of bullish continuation towards 1.1880. However, downside pressure pushed the EUR/USD pair towards 1.1700 where significant BUYING Pressure Existed. This was followed by another quick upside movement towards 1.1880-1.1900.

The price zone around 1.1880-1.1900 constituted a KEY Price-Zone as it corresponded to the backside of the depicted broken ascending channel 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. Early signs of bullish reversal are being demonstrated. Exit level should be lowered to 1.1750 to secure more profits.

Trade Recommendations :-

Currently, the price zone of 1.1740-1.1780 stands as a significant Resistance-Zone to be watched during any upcoming upside pullback for a valid SELL Position. Initial bearish target would be located around 1.1720 and 1.1690.

*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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