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MT5.com - October 16, 2020 : EUR/USD daily technical review and trade recommendations.

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Forex Analysis:::2020-10-16

October 16, 2020 : EUR/USD daily technical review and trade recommendations.

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On September 25, The EURUSD pair has failed to maintain enough bearish momentum to enhance further bearish decline.

Instead, recent ascending movement has been established within the depicted movement channel leading to bullish advancement towards 1.1750-1.1780 which failed to offer sufficient bearish pressure in the first attempt.

Earlier this week, temporary breakout above 1.1750 was demonstrated as an indicator for a possible bullish continuation towards 1.1880 where the upper limit of the movement channel comes to meet the pair. However, immediate bearish decline brought the pair back below 1.1750.

Hence, the price zone around 1.1750-1.1780 remains a Prominent Resistance-Zone as long as bearish persistence is maintained below it.

Any upside pullback towards the depicted zone (1.1750-1.1780) should be considered for another valid SELLING Opportunity.

Lower Projection Target levels are located around 1.1720, 1.1685 and 1.1600. Current SELLER should lower their Exit level (Stop Loss) to 1.1750 to secure some profits.

Mohamed Samy
Analyst InstaForex
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