You are here: Home > articles > Forex > Intraday technical levels and trading recommendations for EUR/USD for October 5, 2017
Intraday technical levels and trading recommendations for EUR/USD for October 5, 2017
October 5, 2017 8:35 amVideo
Latest News
- Weekly Technical Outlook – USDJPY, GBPUSD, AUDUSD July 31, 2023
- History repeating July 31, 2023
- Technical Analysis – AUDUSD recoups Friday’s loss ahead of RBA rate decision July 31, 2023
- NZD/JPY: downside movement ends July 31, 2023
- Peter Brandt: Bitcoin to surpass all existing assets July 31, 2023
- Weekly Technical Outlook: 31/07/2023 – USDJPY, GBPUSD, AUDUSD July 31, 2023
- Will the BoE go back to 25bps interest rate increments? – Preview July 31, 2023
- Bitcoin Cash poised to jump higher July 31, 2023
- Litecoin: bullish pattern activated July 31, 2023
- Ethereum: simple trading tips for novice investors on July 31. Analysis of yesterday trades in crypto market July 31, 2023
- US stock premarket on July 31. Stock indices to reach annual highs? July 31, 2023
- GBP/USD: trading plan for the US session on July 31st (analysis of morning deals). Pound buyers defended the level of 1.2836 July 31, 2023
- EUR/USD: trading plan for the US session on July 31st (analysis of morning trades). The euro experienced a slight increase July 31, 2023
- Analysis and trading tips for GBP/USD on July 31 (US session) July 31, 2023
- Analysis and trading tips for EUR/USD on July 31 (US session) July 31, 2023
- Bitcoin: new distribution pattern July 31, 2023
- Ethereum: bearish formation violated July 31, 2023
- Ripple attracts more buyers July 31, 2023
- EUR/USD and GBP/USD: Technical analysis for July 31 July 31, 2023
- EUR/USD. July 31st. The ECB may have completed its tightening of monetary policy July 31, 2023
Monthly Outlook
In January 2015, the EUR/USD pair moved below the major demand levels near 1.2050-1.2100 (multiple previous bottoms set in July 2012 and June 2010). Hence, a long-term bearish target was projected toward 0.9450.
In March 2015, EUR/USD bears challenged the monthly demand level around 1.0500, which had been previously reached in August 1997.
In the longer term, the level of 0.9450 remains a projected target if any monthly candlestick achieves bearish closure below the depicted monthly demand level of 1.0500.
However, the EUR/USD pair has been trapped within the depicted consolidation range (1.0500-1.1450) until the current bullish breakout was executed above 1.1450.
The current bullish breakout above 1.1450 allowed a quick bullish advance towards 1.2100 where recent evident of bearish rejection was expressed.
Daily Outlook
In January 2017, the previous downtrend reversed when the Head and Shoulders pattern was established around 1.0500. Since then, evident bullish momentum has been expressed on the chart.
As anticipated, the ongoing bullish momentum allowed the EUR/USD pair to pursue further bullish advance towards 1.1415-1.1520 (Previous Daily Supply-Zone).
The daily supply zone failed to pause the ongoing bullish momentum. Instead, evident bullish breakout is being witnessed on the chart. The next Supply level to meet the pair is located around 1.2100 (Level of previous multiple bottoms) where bearish rejection and a valid SELL entry can be anticipated.
On the other hand, If the current bearish breakout persists below 1.1800 (the depicted uptrend line) and 1.1700, a quick bearish decline should be expected towards the price zone of 1.1415-1.1520 where BUY entries can be offered.
Trade Recommendations
Bullish pullback towards the price zone of 1.1835-1.1850 (the backside of the broken uptrend line) should be considered for a valid SELL entry.
S/L should be placed above 1.1950.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: