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MT5.com - Technical analysis of EURUSD

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Forex Analysis:::2020-10-16

Technical analysis of EURUSD

EURUSD has back tested the broken trend line resistance at 1.1690 and is now bouncing higher. What could this mean? What can we expect next from EURUSD? One thing is for sure. Next week I expect volatility to rise.

analytics5f8992025f769.jpg

Red line -resistance (broken)

Green rectangle -support

Blue line- price projection path

EURUSD has broken the resistance trend line but pulled back right above for a back test. The green rectangle is at recent higher lows and is key support. For a bullish move towards 1.19 to be achieved, EURUSD needs to hold above 1.1690 support. Next resistance that needs to be broken is at 1.1770. As long as price holds above 1.1690 we expect to see price move higher.

Alexandros Yfantis
Analyst InstaForex
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