Technical Analysis of EUR/USD for October 19, 2023
October 19, 2023 11:22 am
Technical Market Outlook:
The EUR/USD pair has broken above the 100 MA around the level of 1.0548 and made a local high at the level of 1.0595. There might be a Double Top formation made at the H4 time frame chart at the level of 1.0595, so the market reversed back below both of the moving averages. The nearest technical support is seen at the level of 1.0496 and the nearest technical resistance is located at the level of 1.0595. The next target for bears is the technical support located at the level of 1.0496 and 1.0483. If the latter is violated, then the key short-term technical support located at the level of 1.0449 would be exposed for the test.
Weekly Pivot Points:
WR3 – 1.05460
WR2 – 1.05343
WR1 – 1.05298
Weekly Pivot – 1.05226
WS1 – 1.05181
WS2 – 1.05109
WS3 – 1.04992
Trading Outlook:
Since the beginning of October 2022 the EUR/USD is in the corrective cycle to the upside, but the main, long-term trend remains bearish. This corrective cycle was terminated at the level of 1.1286 which is 61% Fibonacci retracement level and the market reversed lower. The intermediate down move is 12 weeks long now and there is no indication if the down move termination yet. There is still a room to the downside on the RSI indication on the weekly time frame as well.
The material has been provided by InstaForex Company – www.instaforex.com
Technical Market Outlook:
The EUR/USD pair has broken above the 100 MA around the level of 1.0548 and made a local high at the level of 1.0595. There might be a Double Top formation made at the H4 time frame chart at the level of 1.0595, so the market reversed back below both of the moving averages. The nearest technical support is seen at the level of 1.0496 and the nearest technical resistance is located at the level of 1.0595. The next target for bears is the technical support located at the level of 1.0496 and 1.0483. If the latter is violated, then the key short-term technical support located at the level of 1.0449 would be exposed for the test.
Weekly Pivot Points:
WR3 – 1.05460
WR2 – 1.05343
WR1 – 1.05298
Weekly Pivot – 1.05226
WS1 – 1.05181
WS2 – 1.05109
WS3 – 1.04992
Trading Outlook:
Since the beginning of October 2022 the EUR/USD is in the corrective cycle to the upside, but the main, long-term trend remains bearish. This corrective cycle was terminated at the level of 1.1286 which is 61% Fibonacci retracement level and the market reversed lower. The intermediate down move is 12 weeks long now and there is no indication if the down move termination yet. There is still a room to the downside on the RSI indication on the weekly time frame as well.
The material has been provided by InstaForex Company – www.instaforex.com
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