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MT5.com - EUR/USD analysis for October 16, 2020 - Potential for the further rise and continuation of the upside trend

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Forex Analysis:::2020-10-16

EUR/USD analysis for October 16, 2020 - Potential for the further rise and continuation of the upside trend

  • If greater action is needed due to incoming data, we have the capacity and willingness to act accordingly
  • Given the present uncertainty, it would be a mistake to set an end date for the ECB's pandemic response

Some token remarks by Villeroy, as we have seen from most ECB speakers this week. All of this is mainly to reaffirm that they are still in a wait-and-see approach and will only consider more action should there be material downside to incoming economic data.

Further Development

analytics5f89855945c2a.jpg

Based on the graph above I found that on the top of the list we got Lean Hogs and Coffee today and on the bottom Lumber and Gasoline RBOB.

Key Levels:

Resistance: 1,1760 and 1,1830

Support level: 1,1700

Petar Jacimovic
Analyst InstaForex
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