empty
 
 
22.10.2021 09:52 AM
Technical Analysis of EUR/USD for October 22, 2021

Technical Market Outlook:

After the EUR/USD pair has been seen testing the key short-term supply zone located between the levels of 1.1648 - 1.1665 the pair had been locked inside of a narrow consolidation zone located between the levels of 1.1624 - 1.1669. In a case of a failure to break through the supply zone, there is a possible down move continuation towards the level of 1.1624 (technical support) or 1.1572 (the key short-term technical support). Despite the overbought market conditions the momentum remains strong and positive, so it supports the short-term bullish outlook as well.

Weekly Pivot Points:

WR3 - 1.1742

WR2 - 1.1684

WR1 - 1.1640

Weekly Pivot - 1.1582

WS1 - 1.1545

WS2 - 1.1479

WS3 - 1.1445

Trading Outlook:

The market is in control by bears that pushed the prices towards the level of 1.1562, which is the lowest level since November 2020. The next target for bears is seen at the level of 1.1497. The up trend can be continued towards the next long-term target located at the level of 1.2350 (high from 06.01.2021) only if bullish cycle scenario is confirmed by breakout above the level of 1.1909 and 1.2000.

This image is no longer relevant

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