Technical analysis on EURUSD for October 20th, 2023.
October 20, 2023 3:23 pm
Red lines- bearish channel
Blue rectangle- support
Black trend line- support trend line
Green lines- Fibonacci extension targets
EURUSD is trading around 1.0586. Short-term trend is neutral as price is mostly moving sideways. However price has managed to move above the bearish channel it was in while at the same time forming higher lows respecting the short-term support trend lines. Short-term support by the black trend line is found at 1.0529 while the blue horizontal rectangle area provides support at 1.0490. If EURUSD continues forming higher highs and higher lows, we should expect EURUSD to reach the 100% Fibonacci extension target at 1.0689 at least. For now the near term trend seems to be changing from bearish to bullish. We need a break above 1.0635 to confirm the trend change.
The material has been provided by InstaForex Company – www.instaforex.com
Red lines- bearish channel
Blue rectangle- support
Black trend line- support trend line
Green lines- Fibonacci extension targets
EURUSD is trading around 1.0586. Short-term trend is neutral as price is mostly moving sideways. However price has managed to move above the bearish channel it was in while at the same time forming higher lows respecting the short-term support trend lines. Short-term support by the black trend line is found at 1.0529 while the blue horizontal rectangle area provides support at 1.0490. If EURUSD continues forming higher highs and higher lows, we should expect EURUSD to reach the 100% Fibonacci extension target at 1.0689 at least. For now the near term trend seems to be changing from bearish to bullish. We need a break above 1.0635 to confirm the trend change.
The material has been provided by InstaForex Company – www.instaforex.com
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