empty
 
 
26.10.2020 01:06 PM
Trading plan for EURUSD for October 26, 2020

This image is no longer relevant

Technical outlook:

EURUSD has pulled back from last week's high around 1.1880 mark. The single currency pair is seen to be trading around 1.1822 levels at this point in writing after hitting intraday lows at 1.1803 earlier. Immediate resistance is seen around 1.2010, while intermediary support is see towards 1.1610 respectively. Also note that EURUSD has hit fibonacci 0.618 retracement of the drop between 1.2010 and 1.1610 levels respectively. High probability remains for a bearish bounce from here and a push below 1.1700 would be encouraging for further drop. A minimum drop towards 1.1400 can be expected, which is the fibonacci 0.382 retracement of the entire rally between 1.0636 and 1.2010 respectively. Only a consistent push above 1.2010 would change the bearish structure and bring back bulls into play.

Trading plan:

Remain short, stop @ 1.2010, target is 1.1400 at least.

Good luck!

Oscar Ton,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

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